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Victoria's Secret is being sold

Published: Feb. 20, 2020 at 7:30 AM CST
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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.