Leslie H. Wexner is expected to step down as the chief executive of L Brands, the retail empire he built with his purchase of Victoria’s Secret in 1982, and the lingerie brand plans to go private in a sale to Sycamore Partners that could be announced as early as Thursday, according to three people with knowledge of the deal.

[Update: L Brands announced the sale of a majority stake in Victoria’s Secret on Thursday.]

Mr. Wexner, 82, is the longest-serving chief executive in the S&P 500. He turned Victoria’s Secret into the world’s most recognizable lingerie brand before facing serious questions about his leadership based on the company’s internal culture and his relationship with the disgraced financier Jeffrey Epstein.

The publicity-shy Mr. Wexner has come under intense scrutiny in the past year for his deep ties to Mr. Epstein and the flailing performance of Victoria’s Secret. L Brands, formerly known as Limited Brands, owns Victoria’s Secret and Bath & Body Works.

Sycamore will buy 55 percent of Victoria’s Secret, which was valued at $1.1 billion, according to one of the people with knowledge of the deal who spoke on condition of anonymity because it had not been announced. Mr. Wexner will remain on the L Brands board and retain stakes in both Victoria’s Secret and Bath & Body Works, the person said. Bath & Body Works will remain public.