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L Brands Sells 55% Victoria’s Secret Stake, Wexner Out as CEO

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L Brands confirmed sweeping changes set to evolve one of the industry’s biggest names. On Thursday, the Ohio-based clothing and accessories firm announced a deal to sell a 55 percent interest in Victoria’s Secret to Sycamore Partners, which stipulates company founder Leslie H. Wexner stepping down as chairman and CEO. Estimates value the deal at $1.1 billion, with the…

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