Victoria’s Secret clocked up £466 million of debt prior to its administration in June, filings from Companies House revealed.
The company owed the money to 208 different creditors.
Faced with mounting debts and losses the company appointed Deloitte in May to find a buyer for the business.
In July High Street retailer Next emerged as the preferred UK franchise partner for the famous lingerie brand. It is understood as many as 30 companies were interested, including Marks & Spencer.
Next now has until the end of September to finalise a deal.
The potential deal with Next only affects UK operations and has no impact on Victoria's Secret's presence in the US - where it is owned by parent company L Brands.
Last November Victoria Secret's cancelled its marquee show with the organisers citing criticism over sexism.
The event had faced dwindling television ratings and rising criticism for objectifying women and lacking diversity.
It was a milestone in the career of many supermodels, including Heidi Klum and Josephine Skriver.
