L Brands (LB) is reportedly close to reaching a deal to sell off its struggling Victoria’s Secret brand to private equity firm Sycamore Partners.

The deal could be announced as soon as this week if both parties reach an agreement, sources told CNBC.

L Brands has been trying to revive Victoria’s Secret to appeal to a more diverse group of customers. It has added new women-inclusive labels and marketing strategies to its stores as it tries to transform the image of the company.

It is unclear if the deal with Sycamore Partners will keep L Brands CEO Les Wexner at the helm. According to The Wall Street Journal, the transaction with Sycamore Partners may have Wexner stepping down. Wexner has come under fire for ties to the late Jeffrey Epstein, who was allegedly involved in a series of sex crimes with underage girls.

Victoria’s Secret has also been accused of bullying and sexual harassment of its models by its former president and chief marketing officer, Ed Razek, The New York Times reported. The company also announced it was canceling its annual Fashion Show back in November.

Shares of L Brands were up 2.65% as of 11:32 a.m. EST on Monday.

Victoria's Secret Models
Models including Kendall Jenner, Lily Aldridge and Gigi Hadid posed for a group photograph during a photocall before the Victoria's Secret Fashion Show at the Grand Palais in Paris. REUTERS/Benoit Tessier
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