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THE LIMITED, INC., MAKES ANNOUNCEMENT

 COLUMBUS, Ohio, Aug. 30 /PRNewswire/ -- The Limited, Inc. (NYSE/LSE: LTD) announced today:
 -- The completion of the previously announced sale of a 60 percent interest in its Brylane Division to an affiliate of Freeman Spogli & Co. The Limited, Inc. received $285 million in cash proceeds and will recognize approximately a $203 million pretax gain. The company will retain a 40 percent interest in Brylane, and Peter Canzone will continue as CEO. Brylane distributes apparel through the Lane Bryant Direct, Roaman's and Lerner Direct catalogs.
 Kenneth B. Gilman, vice chairman, said: "The Brylane transaction is an important component of our program aimed at accelerating the growth of our retail businesses and positioning the company to maximize its profit potential."
 -- The use of a portion of the proceeds of the Brylane transaction to accelerate the remodeling, downsizing or closing of approximately 360 Limited and Lerner stores by the end of 1995. In addition, the company said it had conducted an analysis of the carrying value of certain Lerner, Limited, and Henri Bendel stores, and other assets, and is recording a charge to reduce the value of those assets to an amount considered realizable in future periods. The total pretax charges will approximate $200 million.
 Gilman continued, "Going forward, we believe this effort will bear fruit as we emphasize our best performing stores and shed those assets that do not perform to our expectations and standards. We believe our plan will not only strengthen the business but also will create more jobs and career opportunities. We ended last year with over 100,000 associates, and we think this year we could come close to 110,000. Clearly, to the extent possible, associates working in stores to be closed will be offered the opportunity to work in other stores."
 -- The adoption of a share repurchase program. The repurchase of up to $500 million of the company's common stock will be implemented over time as market conditions warrant.
 The Limited, Inc., through Express, Limited Stores, Lerner New York, Lane Bryant, Victoria's Secret, Structure, Limited Too, Abercrombie & Fitch, Henri Bendel, Bath & Body Works, Cacique, and Penhaligon's, presently operates 4,481 specialty stores and distributes apparel nationally through the Victoria's Secret Catalogue.
 -0- 8/30/93
 /CONTACT: Alfred S. Dietzel of The Limited, Inc., 614-479-7070/
 (LTD)


CO: The Limited, Inc. ST: Ohio IN: REA SU:

AR -- CL007 -- 7188 08/30/93 16:07 EDT
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Publication:PR Newswire
Date:Aug 30, 1993
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