L Brands’ stock surged more than 35 percent after the retailer laid out plans to save the company roughly $400 million annually.
The group of Italian investors will compete with the likes of Authentic Brands Group and WHP Global.
Hit hard by the pandemic, AllSaints is getting a new cash injection as it faces tens of millions of dollars in unpaid rent.
The company faces a key deadline next month that could decide its future.
Parent company L Brands files for credit protection in the U.K., a move that will impact the lingerie business’ 25 U.K. stores.