Victoria's Secret is being sold
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.
There are currently locations in Cedar Rapids and Coralville.