Amid sluggish sales, Henri Bendel is closing all 23 of its departments stores.
Parent company L Brands announced Friday that it would be shuttering the luxury store after 123 years, CNN reported. Its 23 stores will close after the holiday season in January 2019.
The move is an attempt “to improve company profitability and focus on our larger brands that have greater growth potential,” including Victoria’s Secret and Bath & Body Works, the company said.
The retailer’s largest space is its flagship at 712 Fifth Avenue, which spans nearly 86,000 square feet, according to Commercial Observer. The lease in the Paramount Group’s building doesn’t end until Feb. 28, 2021, but Henri Bendel will be responsible for $6.5 million in annualized rent, the report said.
In the Chicago area, Henri Bendel has stores at Water Tower Place, Oakbrook Center and Westfield Old Orchard. It has also has outposts at the Beverly Center in Los Angeles, the Dadeland and Aventura malls in Miami and Town Center in Boca Raton.
Bendel only accounts for a small portion of L Brands’ sales. Last year, the parent company reported revenue of $12.6 billion while Bendel’s 2018 sales were approximately $85 million, according to CNN. L Brands acquired Henri Bendel in 1985 and led its expansion into 11 states, the report said. [CNN] — Meenal Vamburkar