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Victoria’s Secret and its subsidiaries will be sold, according to multiple reports from major news outlets – including The Wall Street Journal and Fox News.

A large dip in sales is to blame for the $525 million sell-off. Even though sales have declined over the last few months, in 2019 the company managed to squeak out $7 billion in revenue. The main obstacle to declining sales is increasing competition and changing tastes, a report said.

The company will be sold to Sycamore Brands after the parent company’s stock, L-Brands dipped 12 percent during premarket hours Thursday.

CEO Lex Wexner, who has come under fire for his relationship with Jeffery Epstein, will also be stepping down as part of the deal.

The company indicated that it would keep all of Victoria’s Secret locations open for the time being, including those in Ocean County, despite a decline in sales.

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