Monday, July 9, 2007

Limited sells Limited

We all knew this was coming. And we all but knew a P/E firm would be the buyer. Limited Brands announced previously that it was going to sell Limited Stores and Limited Express to concentrate on Victoria's Secret and Bath and Body Works. A sale of 75% of Express has closed, and now 75% of Limited will sell for about ~$50 million, which Limited Brands says is a wash with no profits. That comes out to about $200k for a 75% stake in each store. I wonder aloud what the value of the retail leases alone would be.