COLUMBUS, Ohio (WTVN)--The pending sale of Victoria's Secret to private equity firm is off.
Back in February, New Albany-based L Brands announced an agreement to sell a controlling stake of the struggling lingerie company to Sycamore Partners, but the new potential owners took issue with the stores closing because of the COVID-19 pandemic.
The deal was set to be worth an estimated $525-million, and give Sycamore Partners a 55% stake in the company.
The deal would have also led to the departure of L Brands Founder and CEO Les Wexner. Even though the deal is off, Wexner will still step down as CEO on May 14th. He will remain with the company as Chairman Emeritus.
Victoria's Secret had been marred by declining sales in recent years, as well as other bad publicity. That included the cancellation of the annual Victoria's Secret Fashion Show, and a report in the New York Times about a culture of misogyny, bullying, and harassment of Victoria's Secret models by a former L Brands executive.