In their continuing efforts to turn around the struggling Victoria’s Secret chain, the company’s owner has sold 55 percent of the company in a deal that will see its controversial CEO step down.

In an announcement on Thursday, Victoria’s Secret officials revealed a majority stake of the company has been sold to private equity firm Sycamore Brands in a $525 million deal. Previous owner L Brands will retain the remaining 45 percent “to enable its shareholders to meaningfully participate in the upside potential of these businesses.” News of the sale on Thursday resulted in a 12 percent drop in the retailer’s stock.

The deal also signals the end of CEO Les Wexner’s reign, who will stay aboard as chairman emeritus, the company revealed. Wexner fell under scrutiny after it was revealed he had ties to late financier Jeffrey Epstein, who was indicted on sex trafficking charges.

Source: https://www.foxnews.com/entertainment/victorias-secret-sale-525-million-ceo-les-wexner-step-down