The Limited

Last updated

The Limited
Company type Private
Industry Clothing
Founded1963;61 years ago (1963)
Upper Arlington, Ohio, U.S.
HeadquartersCharlotte, North Carolina
ProductsShirts/tops, pants, denim, jackets, sweaters, skirts, dresses, and accessories
Parent Sycamore Partners
Website https://www.lb.com

The Limited is an American clothing brand sold exclusively through Belk. The Limited began with operating retail stores between the early 1960s and the late 2010s. In 2017, it became a brand owned by the private equity firm Sycamore Partners. [1] [2] [3]

Contents

History

Bella Cabakoff was born in Williamsburg, Brooklyn and moved to Columbus, Ohio as a toddler. [4] At 21, she became the youngest buyer for the Lazarus department store chain. In 1951, after spending over 20 years with Lazarus, she and her husband Harry Wexner opened a women's clothing store named Leslie's (after their son) on State Street. This store became the training ground for Leslie Wexner. In 1963, he borrowed $5,000 from his aunt and $5,000 from the bank and opened a store at the Kingsdale Shopping Center in Upper Arlington. [5] This store was named "The Limited" because the store focused on clothing for younger women, unlike his parents' general merchandise store. Later in 1964, Bella and Harry closed their store to join their son in his venture.

The original board consisted of only the three family members and longtime friend of Harry and Bella, Jim Waldron (who served as senior vice president): Bella Wexner (who served as secretary until her death in 2001), Harry as chairman (who served until his death in 1975), and Leslie, who succeeded his father as the chairman and later became CEO. He and his family continue to control 17% of LTD. In 1969, Wexner took Limited Brands public, listed as LTD on the NYSE. In 1977, The Limited moved into its main headquarters on Morse Road in Columbus. In 2009, most headquarters operations moved to New Albany, Ohio. [6]

The 1980s started a string of acquisitions: In 1982, the Victoria's Secret brand, store, and catalogue were purchased from Roy Raymond for $1 million (~$2.67 million in 2023). [7] Also in 1982, 207 Lane Bryant stores were purchased. In 1985, the exclusive Henri Bendel store on Fifth Avenue in New York City was purchased for $10 million and 798 Lerner stores for $297 million. Finally, in 1988, 25 Abercrombie & Fitch stores were purchased for $46 million (~$102 million in 2023). The Limited then ended its ownership of the A&F brand in 1996, when it was spun off into a publicly traded company. In 1980, Limited founded Limited Express, later known simply as Express. [8]

The 1990s included the initial development of the Limited Too (which was renamed Justice in 2008), [9] Bath & Body Works, Structure, and Victoria's Secret Beauty. [8] Galyan's, a sporting goods store, was also purchased. Later in 1998, several Bath & Body Works stores were converted to The White Barn Candle Company stores to begin a home fragrance brand.

On August 3, 2007, Limited Brands transferred 75% ownership of its flagship Limited chain to buyout firm Sun Capital Partners Inc. In 2010, the remaining shares were sold to Sun Capital Partners Inc. [10]

In 2013, Diane Ellis, president and chief operating officer of Brooks Brothers, became the CEO of The Limited. [11] In October 2016, after a series of challenges, she oversaw the closing of The Limited's New York design studio, and eventually left to join Chico's, leaving CFO John Buell to serve as interim CEO. [12]

In January 2017, The Limited announced that the brand was exploring a potential sale with potential suitors, the brand said it would continue to sell apparel through its digital store. [13] [14] [15]

In February 2017, the brand was purchased by Sycamore Partners. The Limited began being sold exclusively at Belk, Inc., a Southern department store in the Sycamore portfolio. The Limited products are also available for purchase through Belk online. [16] [17]

On February 23, 2021, it was announced that Belk, which was the only remnant of The Limited left, had filed Chapter 11 bankruptcy in Houston, the first step in an organization plan that would allow Belk's owner Sycamore Partners to cede a large stake in the company to its lenders while maintaining control of the company. [18] On February 24, Belk was successfully able to emerge from bankruptcy, and The Limited is still currently being sold at Belk as of 2023. [19]

Related Research Articles

<span class="mw-page-title-main">Nordstrom</span> American luxury department store chain

Nordstrom, Inc. is an American luxury department store chain headquartered in Seattle, Washington, and founded by John W. Nordstrom and Carl F. Wallin in 1901. The original Wallin & Nordstrom store operated exclusively as a shoe store, and a second Nordstrom's shoe store opened in 1923. The growing Nordstrom Best chain began selling clothing in 1963, and became the Nordstrom full-line retailer that presently exists by 1971. The company founded its off-price Nordstrom Rack division in 1973, and grew both full-line and off-price divisions throughout the United States in the following years. The full-line division competes with department stores including Bloomingdale's, Macy's, Neiman Marcus, and Saks Fifth Avenue, while the off-price division competes with retailers including the TJX Companies and Ross Stores. Previous expansions beyond the contiguous United States include Puerto Rico (2015–2020) and Canada (2014–2023).

<span class="mw-page-title-main">Les Wexner</span> American businessman (born 1937)

Leslie Herbert Wexner is an American billionaire businessman, the co-founder and chairman emeritus of Bath & Body Works, Inc..

<span class="mw-page-title-main">JCPenney</span> American department store chain

Penney OpCo LLC, doing business as JCPenney and often abbreviated JCP, is an American department store chain that operates 663 stores across 49 U.S. states and Puerto Rico. Departments inside JCPenney stores include Men's, Women's, Boys', Girls', Baby, Bedding, Home, Fine Jewelry, Shoes, Lingerie, JCPenney Salon, JCPenney Beauty, as well as leased departments such as Seattle's Best Coffee, US Vision optical centers, and Lifetouch portrait studios.

<span class="mw-page-title-main">Bath & Body Works, Inc.</span> American retail company

Bath & Body Works, Inc. is an American specialty retail company based in Columbus, Ohio. It owns Bath & Body Works, posted $11.9 billion in revenue in 2021, and was listed as 248 on the 2020 Fortune 500 list of largest United States companies by revenue.

American Eagle Outfitters, Inc. is an American clothing and accessories retailer headquartered at SouthSide Works in Pittsburgh, Pennsylvania. It was founded in 1977 by brothers Jerry and Mark Silverman as a subsidiary of Retail Ventures, Inc., a company that also owned and operated Silverman's Menswear. The Silvermans sold their ownership interests in 1991 to Jacob Price of Knoxville, Tennessee. American Eagle Outfitters is the parent company of Aerie, Unsubscribed and Todd Snyder.

Lane Bryant Inc. is an American women's apparel and intimates specialty retailer focusing on plus-size clothing. The company began in 1904 with maternity designs created by Lena Himmelstein Bryant Malsin. Lane Bryant, Inc., is the largest plus-size retailer in the United States. As of 2022, the chain consists of 448 stores in 46 U.S. states. Lane Bryant, Inc. is not affiliated with Lane Bryant catalog, which was spun off as a separate business in 1993.

<span class="mw-page-title-main">Belk</span> American retail chain

Belk, Inc. is an American department store chain founded in 1888 by William Henry Belk in Monroe, North Carolina, with nearly 300 locations in 16 states. Belk stores and Belk.com offer apparel, shoes, accessories, cosmetics, home furnishings, and a wedding registry.

<span class="mw-page-title-main">Esprit Holdings</span> Manufacturer of clothing, accessories and housewares

Esprit Holdings Limited is a global publicly traded retail company incorporated in Bermuda, with headquarters in North Point, Hong Kong, and further major locations in Ratingen, Germany; Amsterdam, Netherlands; and New York City. The company offers an assortment of clothing, accessories, footwear, jewelry, and housewares under the Esprit label.

Forever 21 is a multinational fast-fashion retailer headquartered in Los Angeles, California, United States. Originally founded as the store Fashion 21 in Highland Park, Los Angeles in 1984, it is currently operated by Authentic Brands Group and Simon Property Group, with about 540 outlets.

Bonton Holdings Inc. operating as Bonton was an American department store chain and group founded in 1898. The former York, Pennsylvania-based company BonTon filed for bankruptcy in February 2018 and sold the name to CSC Generation, which sold it to BrandX.com in 2021, operating an e-commerce site under the brand name. Along with Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's, and Younkers, the names of most of the defunct retail group's department store chains are owned by BrandX.

<span class="mw-page-title-main">Lucky Brand Jeans</span> American denim company

Lucky Brand is an American denim company founded in Vernon, California in 1990 by Gene Montesano and Barry Perlman. Lucky also produces other apparel, including activewear, outerwear, T-shirts, and professional attire.

Nine West Holdings is an American designer, marketer and wholesaler of branded clothing, shoes and accessories. In 2019, the company restructured under the new name Premier Brands Group Holdings Llc.

Le Château Inc. is a fashion company, currently owned by Suzy's Inc. The chain was founded in 1959 in Montreal, Quebec, Canada and designed, imported, and retailed women's and men's apparel, accessories, and footwear. In 2015, the company generated sales of about CA$237 million. The company operates in 57 Suzy Shier stores, before bankruptcy, they sold directly to customers from 123 retail stores in Canada and 5 in the UAE and Saudi Arabia.

<span class="mw-page-title-main">Ascena Retail Group</span> American corporation

Ascena Retail Group, Inc., is an American retailer of women's clothing. Ascena also owns Lane Bryant clothing store brand, and is the parent company of Ann Inc., operator of Ann Taylor and Loft stores.

La Senza Corporation is a Canadian fashion retailer that sells women's lingerie and intimate apparel. The La Senza brand is currently owned by Regent which operates and owns La Senza stores in Canada and the United States and uses a franchise model for the operation of stores outside Canada and the United States.

<span class="mw-page-title-main">Neiman Marcus</span> American luxury department store chain

Neiman Marcus Group, Inc. is an American integrated luxury retailer headquartered in Dallas, Texas, which owns Neiman Marcus, Bergdorf Goodman, Horchow, and Last Call. Since September 2021, Neiman Marcus Group has been owned by a group of investment companies led by Davidson Kempner Capital Management, Sixth Street Partners and Pacific Investment Management.

<span class="mw-page-title-main">Victoria's Secret</span> American lingerie and cosmetics retailer

Victoria's Secret is an American lingerie, clothing, and beauty retailer. Founded in 1977 by Roy and Gaye Raymond, the company's five lingerie stores were sold to Les Wexner in 1982. Wexner rapidly expanded into American shopping malls, growing the company into 350 stores nationally with sales of $1 billion by the early 1990s when Victoria's Secret became the largest lingerie retailer in the United States.

True Religion Brand Jeans is an American clothing company established in 2002 by Jeff Lubell and Kym Gold and is based in Vernon, California.

<span class="mw-page-title-main">Retail apocalypse</span> 2010s decline in American retail stores

Retail apocalypse refers to the closing of numerous brick-and-mortar retail stores, especially those of large chains, beginning around 2010 and accelerating due to the mandatory closures during the COVID-19 pandemic.

Sycamore Partners is an American private equity firm based in New York specializing in retail and consumer investments. The firm has approximately $10 billion in aggregate committed capital.

References

  1. ↑ "Belk grabs The Limited as exclusive label". Retail Dive. Retrieved December 13, 2023.
  2. ↑ Sauers, Elisha (December 9, 2017). "Clothing retailer The Limited returns as private label for Belk". The Virginian-Pilot. Retrieved December 13, 2023.
  3. ↑ Moin, David (December 6, 2017). "Belk Builds Up Limited Within Its Private Brand Stable". WWD. Retrieved December 13, 2023.
  4. ↑ Saxon, Wolfgang (November 10, 2001). "Bella C. Wexner, 93, Matriarch of a Retail Chain (Published 2001)". The New York Times. Archived from the original on October 7, 2022.
  5. ↑ Koblentz, Stuart J.; Erstein, Kate, eds. (May 14, 2008). Upper Arlington. Arcadia Publishing. p. 80. ISBN   9780738552262 . Retrieved March 11, 2012– via Google Books.
  6. ↑ "Limited Stores to move headquarters to New Albany". The Columbus Dispatch. Retrieved December 13, 2023.
  7. ↑ "Roy Raymond, 47; Began Victoria's Secret". The New York Times . September 2, 1993. Retrieved October 14, 2012.
  8. 1 2 Sheth, Jagdish N. (2007). The Self-Destructive Habits of Good Companies. Pearson Education. p. 139. ISBN   9780132716383 . Retrieved March 11, 2012– via Google Books.
  9. ↑ "untitled". The Value Line Investment Survey. 64 (11–18). A. Bernhard. 2008. Retrieved March 11, 2012– via Google Books.
  10. ↑ Moin, David (August 7, 2013). "The Limited Names Diane Ellis CEO". WWD . Retrieved August 8, 2013.
  11. ↑ "The Limited Names Diane Ellis CEO". Business Wire (Press release). August 7, 2013. Retrieved March 25, 2016.
  12. ↑ Feran, Tim (October 10, 2016). "The Limited's CEO now president of Chico's". Columbus Dispatch . Retrieved December 23, 2016.
  13. ↑ Wahba, Phil (January 8, 2017). "The Limited Is Closing All 250 of Its Stores". Fortune . Retrieved January 12, 2017.
  14. ↑ Lindner, Matt (February 24, 2017). "Sycamore Partners buys The Limited for $26.75 million". Digital Commerce 360. Retrieved December 13, 2023.
  15. ↑ Hays, Kali (February 24, 2017). "Sycamore Capital Plans to 'Reintroduce' The Limited". WWD. Retrieved December 13, 2023.
  16. ↑ https://www.google.com/search?q=belk+the+limited+2017
  17. ↑ https://www.bizjournals.com/charlotte/news/2017/12/05/belk-nabs-exclusive-distribution-rights-for-women.html
  18. ↑ Weinstein, Austin. "Belk files Chapter 11 bankruptcy in Houston, giving the retail icon a lifeline". The Charlotte Observer. Retrieved February 23, 2021.
  19. ↑ "Belk Successfully Completes Pre-Packaged, One-Day Financial Restructuring with Backing of Majority Owner Sycamore Partners and Lenders Including KKR Credit and Blackstone Credit". Belk. Retrieved February 26, 2021.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.