Limited Brands said Wednesday it has completed the $153 million sale of its Lerner New York women’s apparel brand to an investor team led by the unit's leader Richard Crystal.

The Ohio-based company said in a statement the brand has been sold to a team led by Crystal and Bear Stearns Merchant Banking with Crystal remaining as president and CEO of the division.

Under the terms of the deal, Limited Brands received $78.5m in cash, a $75m subordinated note and warrants for approximately 15 per cent of the common equity of the new company.

Lerner New York was acquired by Limited 17 years ago and enjoyed $940m in sales in 522 stores last year.