August 26, 1998 12:00 AM

Long, long before Victoria’s Secret, there was Frederick’s of Hollywood, a veritable institution specializing in saucy lingerie and tacky underthings. But Frederick’s is about to get a makeover, which the 200-store chain hopes will take its image upmarket and bring the 54-year-old firm out of bankruptcy, reports the Wall Street Journal. “There was some raunchy imagery,” Frederick’s CEO Linda LoRe conceded to the Journal as she stood amid sequined thongs and feathered boas in the fluorescent-pink lit Hollywood Blvd. flagship. Frederick’s stores will also lose their ’70s style decor — complete with purple carpeting — in favor of a bleached wood Gap look. Some demure items are also expected to be merchandised, along with upscale skin care products, though a water bra and a $24 zebra-print camisole will still be available.

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