Henri Bendel, a luxury retailer based in NYC, is closing its doors for good.
The news was announced by L Brands (NYSE:LB), which owns the Henri Bendel brand. According to the company, the Henri Bendel closing will have it shutting down its stores at the end of January 2019.
L Brands notes that Henri Bendel will continue to get new stock in throughout the holiday season. The closing will affect the brands main store, as well as its smaller-format stores that are spread across 11 states.
L Brands also points out that all employees that stay with the Henri Bendel brand through its closing will receive retention bonuses. These employees will also be given the opportunity to apply for other jobs with L Brands, or accept separation pay and job search support services.
Here’s the official statement on the Henri Bendel closing plans from L Brands Chairman and CEO Leslie Wexner.
“We are committed to improving performance in the business and increasing shareholder value. 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.”
LB stock was up 4% as of noon Friday, but is down 54% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.