WASHINGTON (dpa-AFX) - L Brands, Inc. (LB) said, due to the heightened uncertainty relating to the potential impacts of COVID-19, the company is withdrawing its first quarter earnings guidance. The company is currently not providing an updated outlook.
L Brands also announced, as a proactive measure, on March 16, the company elected to draw down $950 million from its revolving credit facility. The company now has more than $2 billion in cash.
L Brands will temporarily close all Bath & Body Works, Victoria's Secret and PINK stores in the United States and Canada, effective March 17 through March 29, 2020.
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