Victoria's Secret is being sold

SHENZHEN, GUANGDONG, CHINA - 2019/10/06: A logo of Victoria's Secret, an American designer, manufacturer, and marketer of women's lingerie, womenwear, and beauty products, seen in Shenzhen. (Photo by Alex Tai/SOPA Images/LightRocket via Getty Images)

Victoria's Secret, beset by falling sales and uncomfortable questions about its billionaire founder who has run the company for five decades, is being sold.

The company's owner, L Brands, said that the private-equity firm Sycamore Brands will buy 55% of Victoria's Secret for about $525 million. The Columbus, Ohio company will keep the remaining 45% stake.

Shares of the parent, L Brands, slid 14.6% in premarket trading Thursday.

Victoria's Secret entrance, Forum Shops at Caesars Palace. (Photo by: Jeffrey Greenberg/Universal Images Group via Getty Images)

The selling price signifies a marked decline for a brand with hundreds of stores that booked about $7 billion in revenue last year.

Sales at its stores are in decline because competition is increasing and tastes are changing. Victoria's Secret suffered a 12% drop in same-store sales during the most recent holiday season.

It said Thursday same-store sales declined 10% at Victoria's Secret during the fourth quarter.