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GuidesArch CityHome & StyleDiningFeaturesWeddingsLegals Bath & Body Works: The Last Brand Standing How the soap and candle chain went from under-the-radar champ to L Brands best hope in a post-Wexner era Tim Feran Around 3 a.m. in the deep of a February night this year, a text message lit up the cellphones of top L Brands executives. After months of negotiations, a deal THE deal had been struck, selling off the company’s signature enterprise, Victoria’s Secret, to private equity firm Sycamore Partners. The longtime star of women’s underwear, the brand that liked to claim it essentially invented the specialty lingerie sector, Victoria’s Secret was about to gather its things and quietly tiptoe out of the room. 

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