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Wexner Expected to Step Down as Victoria’s Secret Goes Private

NYT > Top Stories

Leslie H. Wexner is expected to step down as the chief executive of L Brands, the retail empire he built with his purchase of Victoria’s Secret in 1982, and the lingerie brand plans to go private in a sale to Sycamore Partners that could be announced as early as Thursday, according to three people with knowledge of the deal.

Mr. Wexner turned Victoria’s Secret into the world’s most recognizable lingerie brand before facing serious questions about his leadership and the company’s internal culture and his relationship with the disgraced financier Jeffrey Epstein.

The publicity-shy executive has come under intense scrutiny in the past year for his deep ties to Mr. Epstein and the flailing performance of Victoria’s Secret. L Brands, formerly known as Limited Brands, owns Victoria’s Secret and Bath & Body Works.

News of the expected sale was first reported by The Wall Street Journal.

Sapna Maheshwari and Jessica Silver-Greenberg NYT > Top Stories

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