L Brands is selling troubled lingerie brand Victoria's Secret to a private equity firm in a $525 million deal
New York Victoria's Secret, the troubled lingerie brand owned by L Brands, is being sold to a private equity firm in a $525 million deal.
Sycamore Partners and L Brands will split control of the brand: The private equity firm is buying a 55% stake, while L Brands is taking control of the remaining 45%, but Victoria's will be spun off into a fully private company. The two companies announced the deal Thursday. Leslie Wexner, the 82-year-old billionaire that has run L Brands for several decades, is leaving his position CEO and chairman as part of the transaction. He will remain on L Brands' board as chairman emeritus.
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