CNBC's Lauren Thomas joins 'Closing Bell' to report Authentic Brands has about $1 billion in cash and is ready to buy more troubled retailers resulting from the coronavirus pandemic.
A woman wearing a protective mask passes a homeless person during the coronavirus pandemic on May 12 2020 in New York City.on Wednesday said its sales fell 20% during the latest quarter with stores closed due to the pandemic, but they weren't as bad as analysts feared.
The news sent the company's shares up by more than 4% in after-hours trading after closing the day up by about 1%. L Brands generated $2.32 billion in revenue, down from $2.9 billion during the same time last year but better than an expected $2.21 billion, according to data from Refinitiv.This story is developing and will be updated.
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