Investor Barington Capital Group, L.P. has issued a letter to L Brands about its recent restructuring announcement. L Brands said it would close 53 Victoria’s Secret stores amid lagging holiday sales while focusing on the success of its Bath & Body Works locations.

In its letter, Barington recommended to L Brands how it can address the challenges it is facing and provide “long-term value for shareholders.”

The hedge fund company suggested that L Brands “take swift action to improve the performance of Victoria’s Secret by correcting past merchandising mistakes and ensuring that it communicates a compelling, up-to-date brand image that resonates with today’s consumers.”

Barington also pointed to the “tremendous value” that Bath & Body Works presents and wants L Brands to consider spinning off the brand through its own initial public offering (IPO).

The letter to L Brands was sent to Leslie Wexner, chairman and CEO of the company. Here, Barington commended Wexner’s “leadership” and “skills as a merchant and builder of companies,” but cited the underperformance of the company.

According to Barington , the issues that L Brands is facing are due to the disappointing financial performance of Victoria’s Secret and its inability to “maintain a compelling brand image that resonates with today’s consumers.”

Barington mentions that Victoria’s Secret’s operating income fell from $1.4 billion in fiscal 2015 to approximately $500 million in fiscal 2018. Despite the loss felt with Victoria’s Secret, Barington touches on L Brand’s bright spot with Bath & Body Works calling it “exceptional” but “overshadowed” by the struggles at Victoria’s Secret. Bath & Body Works had an operating income of $858 million in fiscal 2015, rising to $1.08 billion in fiscal 2018.

Barington is also calling for L Brands to overhaul its board of directors as it believes that it currently lacks the “independence and diversity” necessary to oversee the brands effectively.

“We strongly believe in the value potential of L Brands and are confident that changes can be made to create meaningful long-term value for shareholders,” James A. Mitarotonda, chairman and CEO at Barington concluded in the letter to L Brands.