Columbus-based L Brands has sold a majority of its Victoria's Secret line to a private equity firm.
The line has been beset by falling sales and uncomfortable questions about billionaire founder Les Wexner. Sycamore Brands will buy 55 pecent of Victoria's Secret for 525 million dollars. The company will keep the remaining 45 percent stake. The selling price signifies a marked decline for a brand with hundreds of stores that booked 7 billion dollars in revenue last year. L Brands shares fell by nearly 15 percent in premarket trading. L Brands has confirmed Wexner will step down as chief executive officer.
