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Victoria’s Secret could soon become a private company.
L Brands, the struggling retailer’s parent company, is expected to sell the lingerie brand to a private-equity company as early as Thursday, The Wall Street Journal reported late Wednesday. The paper, citing anonymous sources, said the deal valued Victoria’s Secret at $1.1 billion.
The Journal reported that Sycamore Partners – a New York-based investment company which has taken other retailers private including Staples – is expected to buy 55% of Victoria’s Secret.
According to the report, L Brands could keep a 45% in the private company, which would include Victoria’s Secret’s Pink chain.
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In February 2019, L Brands announced 53 Victoria’s Secret stores would close at a time it was growing its Bath & Body Works chain.
This story will be updated.
Follow USA TODAY reporter Kelly Tyko on Twitter: @KellyTyko
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