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In 1982, Victoria's Secret had grown to five stores, a 40-page catalog, and was grossing $6 million annually. [7] Raymond sold the company to Les Wexner, creator of Limited Stores Inc of Columbus, Ohio, for $1 million. [7] [28] In 1983, Wexner revamped Victoria's Secret's sales model towards a greater focus on female customers. [29]
The first asset to be sold off was the airline's 50% interest in Falcon Jet Corporation in August. Later in November, Pan Am sold the Pan Am Building to the Metropolitan Life Insurance Company for $400 million (equivalent to $1.24 billion in 2023) [15]. In September 1981, Pan Am sold off its InterContinental hotel chain.
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