Wexner has also faced questions about his relationship with Jeffrey Epstein, who died in prison while facing federal sex-trafficking charges. He was a close advisor and money manager to Wexner for years, though Wexner has denied any knowledge of Epstein’s crimes and tried to distance himself from the alleged pedophile.

Victoria’s Secret has made some overtures toward change, hiring a slightly more curvy model and its first trans model. But it still has a long way to go to turn its slumping sales around.

In its announcement, L Brands said the decision to sell the brand was intended to deliver more value to L Brands shareholders by leaving Bath & Body Works as a standalone company. Victoria’s Secret, which includes sub-brands Victoria’s Secret Beauty and Pink, will go private, with L Brands retaining a 45% stake. The focus will be on returning the label to “historic levels” of profitability and growth.

The deal values Victoria’s Secret at $1.1 billion. A retail analyst at the firm Bernstein told the Journal Sycamore was likely paying a below-average multiple of sales or earnings, adding “though we are not too surprised by this given the rapid drop in VS’s profitability over the last few years.”

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