A luxury brand with a very long history in NY is coming to an end.
L Brands Inc., which acquired the brand in 1985, said that the 23 Bendel stores will turn out the lights in January.
The Henri Bendel flagship store is on Fifth Avenue, surrounded by other luxury retailers like Louis Vuitton, Cartier, and Bvlgari.source Business Insider/Jessica Tyler The interior of the store was stunning.source Business Insider/Jessica Tyler The iconic brown and white stripes were everywhere, and elegant chandeliers were hanging all over the store.
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The brand's parent company, L Brands, announced Thursday that it was shuttering the operation because of poor sales numbers. "As part of that effort, we have made a decision to stop operating Bendel to improve company profitability and focus on our larger brands that have greater growth potential", he said in a statement Thursday. It is in the process of estimating costs associated with closing Henri Bendel. Last year, the company reported revenue of $12.6 billion.
Henry Bendel was a women's hat maker from Lafayette, Louisiana.
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.
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Store associates who remain through the holidays will get retention bonuses, and later can interview for open positions within the company or receive separation pay and job search support services, the company said.
Jefferies has an "underperform" rating and a $20 price target for L Brands shares - 28% below where they are now trading.
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