L Brands (NYSE: LB) is close to a deal to sell its Victoria's Secret brand to Sycamore Partners, according to a report from CNBC. Terms of a deal are not final yet, as negotiations are ongoing and could still fall through. But a deal could be announced as soon as next week. A sale of Victoria's Secret (VS) would be good news for shareholders of L Brands, given the abysmal performance of the VS business lately. The shares spiked about 7% on the news in pre-market trading on Monday. Image source: L Brands. A time to sell In early January, preliminary sales results were issued for the holiday period that saw comparable sales at Victoria's Secret decline by 12%. Year to date for the current fiscal year, comp sales are down 8%, which reveals the situation getting worse. Victoria's Secret is not only losing share to American Eagle Outfitters' Aerie brand, but it's losing relevancy in the retail industry altogether. Talks of a possible sale signals that management doesn't have the answers as to how to fix the iconic brand. Given that L Brands generates $13 billion in annual sales and that Victoria's Secret makes up most of that amount, the company would likely receive a hefty sum in a deal. What would a sale mean for investors? While Victoria's Secret is heading south in a hurry, L Brands' better half has been the Bath & Body Works business, where comp sales were up 9% year over year in November and December. By shedding Victoria's Secret, management would draw more attention to the better business, and that would likely send the shares higher. 10 stocks we like better than L BrandsWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and L Brands wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of December 1, 2019 John Ballard has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source