Henri Bendel is going dark.
Parent company L Brands Inc. said it would shutter all 23 Henri Bendel stores in January as well as the retailer’s e-commerce business.
The closures included the company’s Fifth Avenue store in New York as well as smaller-format stores in 11 states.
“We are committed to improving performance in the business and increasing shareholder value,” said Leslie Wexner, chairman and chief executive officer of L Brands, which also owns Victoria’s Secret and Bath & Body Works. “As part of that effort, we have decided to stop operating Bendel to improve company profitability and focus on our larger brands that have greater growth potential. This decision is right for the future growth of our company, but not easy because of the impact to our L Brands family. I want to thank our Bendel associates for their dedication to this iconic brand and to our loyal Bendel customers.”
L Brands has been struggling to get its Victoria’s Secret business on track after multiple missteps and changes in direction.
The company said Bendel associates staying with the business through January would be offered retention bonuses.
“At the point when associates’ positions are eliminated, they will be invited to interview for open positions within the company or will be offered separation pay and job search support services,” L Brands said.
The company said Henri Bendel’s revenues this year would total about $85 million, while operating losses would come in around $45 million. The costs to close the business have yet to be tallied.