Victoria’s Secret suddenly sold off to another brand

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NEW YORK (AP) – Victoria’s Secret, beset by falling sales and uncomfortable questions about its billionaire founder who has run the company for five decades, is being sold. The company’s owner, L Brands, said Thursday that the private-equity firm Sycamore Brands will buy 55% of Victoria’s Secret for about $525 million. The Columbus, Ohio company will keep the remaining 45% stake. Shares of the parent, L Brands, slid 14.6% in premarket trading. The selling price signifies a marked decline for a brand with hundreds of stores that booked about $7 billion in revenue last year.

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