Item 2.05. Costs Associated with Exit or Disposal Activities. On July 28, 2020, L Brands, Inc. (the "Company") issued a press release announcing, among other things, actions the Company is taking to drive long-term shareholder value and toward establishing Bath & Body Works as a pure-play public company and preparing the Victoria's Secret Lingerie, Victoria's Secret Beauty and PINK businesses (collectively, "Victoria's Secret") to operate as a separate, standalone company.

The Company expects to deliver approximately $400 million in annualized cost reductions through its profit improvement plan for Victoria's Secret and actions to decentralize and streamline shared corporate and other functions. Approximately $175 million of savings are expected to be achieved in fiscal 2020. In the second quarter of fiscal 2020, the Company expects to record pre-tax severance costs of approximately $75 million related to a reduction of home office headcount. The reduction impacts approximately 15% of the Company's home office headcount, or about 850 associates.

Item 8.01. Other Events. In the press release the Company also provided a business update and announced that it is actively working to reduce the operating loss from the Company-owned business in the United Kingdom (the "U.K."). In the U.K., the Company entered into 'Light Administration' in June in order to restructure lease agreements and explore the sale of the business to a joint venture or franchise partner. The Company subsequently signed Heads of Terms with a major fashion retailer and is in an exclusive period of negotiation.

A copy of the press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference.

Item 9.01. Financial Statements and Exhibits. Exhibit 99.1 Press Release of L Brands, Inc., dated July 28, 2020. Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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