Victoria’s Secret CEO might step aside: Report
L Brands’ Les Wexner might step aside and spin off units, FOX Business’ Charlie Gasparino reports.
L Brands is close to a deal that will give a private-equity firm control of the Victoria's Secret brand.
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The transaction would give the lingerie brand a valuation of about $1.1 billion, according to the Wall Street Journal.
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Sycamore Partners is expected to take the brand private, buying 55 percent.
L Brands would keep a 45 percent stake in the separate company.
The Bath & Body Works chain would be the only remaining name under the L Brands umbrella.
L BRANDS CEO LESLIE WEXNER MAY STEP DOWN, VICTORIA'S SECRET MAY BE SOLD: REPORT
Victoria's Secret, known for its supermodel "Angels" wearing padded bras, has struggled in recent years with falling sales.