Former type Private Key people Diane Ellis, CEO Founder Les Wexner Key person Diane Ellis | Industry Clothing Number of locations 0 Founded 1963 Parent organization Sun Capital Partners | |
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Fate Filed for Chapter 11 Bankruptcy Protection Defunct January 9, 2017 (as retail stores), January 17, 2017 (online store temporarily shut down) Products Shirts/tops, pants, denim, jackets, sweaters, skirts, dresses, and accessories Headquarters Columbus, Ohio, United States Subsidiaries Victoria's Secret, Bath & Body Works, Lane Bryant, Henri Bendel | ||
The limited clothing store
The Limited was an American clothing company. It is owned by the private equity firm Sun Capital Partners.
Contents
The limited store closing
History
In 1912, Bella Cabakoff emigrated with her parents from Russia to Columbus, Ohio, to escape persecution. 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. 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, Ohio. In 2009, The Limited's headquarters moved to New Albany, Ohio, where it still operates today.
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. Also in 1982, 207 Lane Bryant stores were purchased. In 1985, a single Henri Bendel store was purchased for $10 million and 798 Lerner stores for $297 million. Finally, in 1988, 25 Abercrombie & Fitch stores were purchased for $46 million. The Limited then phased out 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, now known as Express.
The 1990s included the initial development of the Limited Too (which was renamed Justice in 2008), Bath & Body Works, Structure, and Victoria's Secret Beauty. 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.
In 2013, Diane Ellis, president and chief operating officer of Brooks Brothers, became the CEO of The Limited. In October 2016, she then left The Limited to join Chico's leaving CFO John Buell to serve as interim CEO.
At the end of 2016, The Limited laid off a significant portion of its corporate workforce and women's fashion brand Altar'd State announced John Buell would be joining their team as CFO. As of the end of 2016, The Limited stores began selling inventory at significant discounts with signage indicating "all sales are final". In January 2017, The Limited announced that it would be closing all 250 of its stores, cutting 4,000 jobs. The company would continue to sell apparel online. On January 17, it was announced that Limited was filing for chapter 11 bankruptcy protection.