Victoria's Secret attempts to exit Manhattan lease

Victoria's Secret is filing a lawsuit to get out of its Manhattan lease on its Herald Square Store. Victoria's Secret's parent company L Brands is hoping to exit the lease on what is one of the brand's most expensive stores located at the intersection of Broadway and Sixth Avenue. The Herald Square property is owned by SL Green Realty Corp., one of New York's largest landlords.

Victoria's Secret's Herald Square store has been closed since March 17 when they temporarily shut down all of their North American stores to stop the spread of coronavirus. They did not pay April rent on the store.

The lawsuit filed by L Brands requests that the lease on the Herald Square shop be broken and any request for rents after March 22 be dismissed. “Because of the COVID-19 pandemic and Governor Cuomo’s ‘New York State on pause’ executive order (and related executive orders), the lease and guaranty are no longer enforceable under the frustration of purpose doctrine, as well as other common law doctrines and provisions of the lease and guaranty,” the lawsuit said.

The lawsuit also requests that L Brands be compensated for damages and legal fees. This month, L Brands announced they would be shuttering 250 Victoria's Secret stores and expects to close more in 2021. The company has seen several years of declining sales and popularity with both their sales figures for their products plummeting as well as viewership of the once acclaimed Victoria's Secret Fashion Show, which is now officially cancelled.

As for the remaining stores in L Brand's fleet of retail locations, including their Bath & Body Works stores, they are expected to open by the end of July with new safety precautions in place. Earlier this month, Les Wexner, the controversial CEO who built the Victoria's Secret empire, officially left the brand. The deal for L Brands to sell Victoria's Secret fell through, and now the company is attempting to restructure all white battling economic fallout from coronavirus.

photo: via Victoria's Secret Press Room