Sunday, 16 December, 2018

Henri Bendel Is Going Out of Business After 123 Years

Henri Bendel Is Going Out of Business After 123 Years Henri Bendel Is Going Out of Business After 123 Years
Russell Knight | 17 September, 2018, 01:09

"As part of that effort, we have chose to stop operating Bendel to improve company profitability and focus on our larger brands that have greater growth potential", L Brands chairman and CEO Leslie Wexner said in a statement on Thursday.

Parent company L Brands announced Friday that it would be shuttering the luxury store after 123 years, CNN reported.

Henri Bendel, known for its signature brown-and-white bags, will close all 23 of its locations.

L Brands is to close all Henri Bendel stores and the e-commerce website in January 2019. After all, as the brand's website states, Bendel was the first luxury retailer with an upper Fifth Ave. address, which spurred a whole new world for fashion.

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The retailer's parent company said it will shut all 23 Henri Bendel stores in the USA, as well as its website. "I want to thank our Bendel associates for their dedication to this iconic brand and to our loyal Bendel customers".

The news sent L Brands shares up by 4 percent, potentially signaling a turning point for the retailer, which has seen its stock tumble 55 percent year to date. The conglomerate noted that it now intends to focus on other brands with a larger growth potential (its roster includes Bath & Body Works and Victoria's Secret). The company estimates that Henri Bendel will have $85 million revenues and a $45 million operating loss in 2018.

We visited the flagship store on Fifth Avenue and saw how the store closing represents a new era of retail. In the 1960s, its in-house illustrator was a young artist named Andy Warhol.

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