By early 2003 Limited Brands once again found itself deciding how to allocate resources among its various businesses. The company's roots were in apparel, but throughout its history it had experimented with a wide range of retail categories. After several different corporate structures and periods during which it acquired companies and then shed noncore assets, Limited came to focus on three core areas - lingerie, personal care, and apparel. The challenge was how to manage a portfolio of specialty retail concepts, each with its own dynamics and issues. The company's growing cash balance also raised the possibility of finding new ways to create shareholder value.