NEW YORK, United States — L Brands Inc said on Monday British clothing retailer Next Plc would acquire a majority stake in its Victoria's Secret UK business under a newly formed joint venture.

The UK arm of L Brands' high-end lingerie brand went into administration in June after all its 25 stores were forced to close due to the COVID-19 Pandemic.

L Brands said the joint venture will acquire the majority of the assets of the Victoria's Secret U.K. business and operate all its stores in the country and Ireland. Next will own 51 percent of the partnership, while Victoria's Secret will own the rest.

The financial terms of the deal were not disclosed.

L Brands, which also owns Bath and Body Works, plans to run Victoria's Secret as a separate, standalone company after failing to sell a majority stake to private-equity firm Sycamore Partners earlier this year.

By Uday Sampath; Editor: Arun Koyyur