L Brands Targets August for Separation of Victoria’s Secret (1)

L Brands Inc. intends to sell or spin off Victoria’s Secret by August as the company works to separate its beleaguered lingerie chain from the growing Bath & Body Works business. The shares climbed.

The company hasn’t determined the exact method for the split, but said Thursday that it’s reviewing “all options, including a spin-off of the Victoria’s Secret business into a public company or a private sale of the business.” The more-specific timeline comes after the board met with its financial advisers in January, L Brands said.

Chief Financial Officer Stuart Burgdoerfer will also retire, the company said, although ...