L Brands will sell its struggling Victoria’s Secret brand to a private equity firm, Sycamore Partners, the company announced Thursday morning, Feb. 20.

The sale values Victoria’s Secret at $1.1 billion. Under the terms of the deal, approved by the L Brands board Feb. 19, Sycamore Partners will buy 55% of Victoria’s Secret and Pink for $525 million and operate the brands as a private company, according to the announcement. L Brands will own 45% of the lingerie company.

The deal otherwise separates L Brands founder and CEO Leslie H. Wexner from Victoria’s Secret. Wexner, 82 and a New Albany resident, will remain chairman emeritus of L Brands but will step down as chairman and as the nation’s longest-serving CEO of an S&P 500 company.

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jweiker@dispatch.com

@JimWeiker