New York (CNN Business) L Brands' stock jumped 12% Wednesday on a report that billionaire founder and CEO Leslie Wexner is in talks to step aside or sell the struggling lingerie brand.

Wexner, 82, who led Abercrombie & Fitch, The Limited and Victoria's Secret and has been under heavy scrutiny for his close ties to Jeffrey Epstein , "is in discussions to step aside as chief executive officer of his retail empire and is exploring strategic alternatives" for the brand, the Wall Street Journal reported Wednesday.

The report cautioned that L Brands is "looking to reach a decision on the potential deal and succession plans in coming weeks." There's also "no guarantee" the company will reach agreement with Wexner.

L Brands LB , which owns the Victoria's Secret and Bath & Body Works chains, declined to comment to CNN Business on the report.

Victoria's Secret has struggled with falling sales and competition from upstart lingerie brands in recent years. An activist investor last year built a stake in L Brands and pushed the company to make sweeping changes, including possibly spinning off Bath & Body Works into a separate company.

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