L Brands founder Wexner sells 5 million shares for $326.6 million

Mark Williams
The Columbus Dispatch
Les and Abigail Wexner, shown in a 2015 photo, have sold more than $500 million in L Brands shares this spring.

Leslie H. Wexner has sold another batch of shares in the retailer he founded in 1963 as he continues to unwind his ties to the company.

A series of acquisitions and sales show that, in total, Wexner, his wife Abigail, and entities they control disposed of 5 million shares of L Brands on June 1, according to a regulatory filing released Monday. The shares were sold at $65.30 apiece, meaning that the sales generated $326.6 million.

It is the second such sale of L Brands shares that the Wexners have made in recent months.

In March, the Wexners sold 3.05 million shares for a total $177.8 million.

Wexner retired last year as CEO and chairman of the retailer. He and his wife left the company's board this spring.

The couple have been unloading shares that have risen to multiyear highs in recent months. A year ago, L Brands shares were trading for $13.

After the most recent sale, the two still control more than 10% of L Brands shares.

mawilliams@dispatch.com

@BizMarkWilliams