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Victoria's Secret CEO Jan Singer has resigned amid a sales slump and competition from young companies challenging the brand's grip on the lingerie industry.The Wall Street Journal first reported Singer's departure last week. Victoria's Secret parent company L Brands (LB) made it official during its quarterly earnings release.John Mehas, now the president of Tory Burch, will take over as CEO of Victoria's Secret Lingerie early next year, the company said.Sales at Victoria's Secret stores that have been open for at least a year dropped 6% last quarter. Victoria's Secret has close to 1,000 stores in the United States, many of them tied to struggling malls.Last year, Victoria Secret's same-store sales in North America fell 8% in part because of the company's decision to stop selling swimwear and clothing."Our number one priority is improving performance at Victoria's Secret Lingerie and PINK," said Leslie Wexner, Chairman and CEO of L Brands. "We could not be more excited for [Mehas] to lead Victoria's Secret Lingerie to a new phase of success."Singer took over in 2016 after a stint at Spanx. She worked at Nike (NKE) for more than a decade.Victoria's Secret has been struggling to keep up with changing consumer tastes. Flashy fashion shows, push-up bras and celebrity models aren't drawing people in like they used to. Instead, women are clamoring for more products with a better fit.Online stores like ThirdLove, Lively and True & Co. are using tech and harnessing data to offer custom sizes and new products.Other parts of the L Brands business have been struggling. The company announced in September that it is closing Bendel's website and all 23 of its stores, including the store's iconic Fifth Avenue location in New York, in January 2019 because of sluggish sales.A change in Victoria's Secret leadership may not be enough to convince experts that L Brands is turning itself around."Jan was not the problem," Jefferies analyst Randal Konik wrote last week following rumors of Singer's exit. "The real problem is the VS brand is not resonating with consumers, its pricing power is gone, its market share is under permanent attack, and the business is over-stored." 2198

VALLEY CENTER, Calif. (KGTV) — A man wanted for trying to kidnap young girls in the Los Angeles and Escondido areas is in custody, according to San Diego Sheriff's Department.SDSO says Elijah Lopez, 24, was wanted on suspicion of following and forcibly grabbing a six-year-old girl who was walking with her blind father in Huntington Park, south of downtown Los Angeles, on Tuesday.A wanted flyer was issued bu LAPD and eventually reached SDSO's Valley Center substation.Wednesday, an SDSO deputy was driving back to Valley Center when he noticed a man matching Lopez's description at the intersection of Highway 78 and Broadway, wearing the same clothes detailed in the wanted flyer, the department says.As the deputy detained Lopez, SDSO says an observer flagged the deputy down, claiming Lopez had been following a juvenile, who ran into a nearby grocery store for help."It was near the end of his shift," said Lt. Pat Shannon, the Valley Center Sheriff's Substation's commanding officer. "He still had the mindset to have those observation skills on, thank goodness he did because I'm positive he averted something worse from happening."Escondido Police say they are investigating a case that occurred on Tuesday, in which Lopez was reportedly seen at about 4:30 p.m. in the area of Valley Parkway and Midway Dr. chasing a young woman. The woman entered a store to get away, an EPD spokesperson said. Investigators are working to determine "what his intent was in chasing the victim" and say that additional charges could follow.Lopez has been booked into Los Angeles Police Department on 0,000 bail. 1615

VACAVILLE, Calif. (AP) — Crews were battling wildfires in the San Francisco Bay Area and thousands of people were under orders to evacuate Wednesday as hundreds of wildfires blazed across the state amid a blistering heat wave now in its second week. Gov. Gavin Newsom blamed the extraordinary weather and thousands of lightning strikes for 367 known fires, including 23 major fires or groups of fires. He said the state has recorded nearly 11,000 lightning strikes in 72 hours. Ash and smoke filled the air over San Francisco, which is surrounded by wildfires burning in multiple counties to the north, east and south. 626

Verizon just admitted that the value of its media brand, Oath, is essentially worthless.Verizon announced Tuesday that it would take a .6 billion writedown on its the media unit, which includes Yahoo and AOL.Oath's brand value is now worth just 0 million, according to Verizon. That's a stunning decrease in value since it formed in 2017. Verizon said Oath's brand was worth .8 billion when it last accounted for the company's goodwill valuation.Verizon snapped up a number of legacy media brands in recent years to create Oath. It bought Yahoo for .5 billion in 2017 and AOL, which owns HuffPost, for .4 billion in 2015.With virtually no goodwill brand value, Oath's overall value (assets and goodwill) is now worth half of what it was a few years ago.The telecommunications giant said the integration of Yahoo and AOL didn't meet expectations.Oath "has experienced increased competitive and market pressures throughout 2018 that have resulted in lower than expected revenues and earnings," according to a filing with the SEC Tuesday. Facebook, Google and Amazon are sucking up ad dollars, forcing publishers to search for other streams for revenue.The Verizon media unit's poor performance led the company to make "unfavorable adjustments to Oath's financial projections" for the next five years.Verizon plans to focus more on wireless technology and less on content and distribution.This summer, Verizon replaced CEO Lowell McAdam with Hans Vestberg, the telecom company's former chief technology officer.In September, Oath CEO Tim Armstrong left. He was a driving force behind Verizon's media acquisitions. Armstrong was replaced by K. Guru Gowrappan, Oath's president and former chief operating officer.Verizon announced Monday that 10,400 management employees had accepted voluntary buyout deals, out of 44,000 who were eligible. The buyouts are part of a plan to cut costs and shift investments into wireless and 5G. 1942

Uber says it's in contact with the FBI after it emerged that the suspect in the deadly truck attack in New York City was one of the company's drivers.Sayfullo Habibullaevic Saipov, originally from Uzbekistan, has been living in the U.S. since 2010, law enforcement sources told CNN. Uber said he started driving for the ride-hailing app in New Jersey just over six months ago.The 29-year-old is accused of using a rented pickup truck to mow down cyclists on a busy bike path near the World Trade Center in Manhattan on Tuesday. He was shot and detained by police. 571