Deal Follows Pressure on L Brands Founder Leslie Wexner

Sycamore Partners is considering a deal to purchase Victoria’s Secret from L Brands (NYSE: LB). CNBC reported a possible deal Sunday while citing sources close to the matter. Sycamore manages roughly $10 billion in assets and has specialized in brick-and-mortar deals. It has previously worked on deals involving Talbots, Nine West, and Staples.

Sycamore Partners to Move on Lingerie

The deal comes weeks after news broke that L Brands could explore a deal. In addition, we could also see the retirement of L Brands CEO Leslie Wexner, who continues to face criticism over his relationship with the late Jeffrey Epstein. Wexner is also the longest serving CEO of a company on the S&P 500.

Victoria’s Secret also appears to be a company that needs a significant shakeup. A recent expose in New York Magazine paints a picture of a culture of sexism and bullying. The story also alleged improper conduct by former marketing chief Ed Razek and Wexner. More than 100 models signed an open letter accusing both men of creating a toxic culture.

Shares of L Brands climbed more than 6% Monday on news of a possible deal.

Related: Private Equity: Sustainability Ratings Provider EcoVadis Gets $200 Million Investment