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Victoria’s Secret is preparing to be sold, and its founder is stepping down amid criticism after a huge dip in sales.

According to reports, the company’s owner L Brands will sell 55% of its stake to a private equity firm called Sycamore Brands, while retaining the remaining 45% in order to “enable its shareholders to meaningfully participate in the upside potential of these businesses.”

Jessica White's Lingerie Halloween Party

Source: Michael Stewart / Getty

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