NEW YORK — Limited Brands has agreed to sell Lerner New York to an investor group led by the chain’s president and chief executive officer Richard P. Crystal and Bear Stearns Merchant Banking for a total of $153.5 million in cash and notes.

For months there has been speculation that the $940 million, 522-unit Lerner division would be sold to enable Limited to focus on its core Victoria’s Secret, Express and Bath & Body Works brands.

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