Henri Bendel is closing after 123 years in business

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Retail stores are closing at an alarming rate

Henri Bendel goes out of enterprise.

Dad or mum firm L Manufacturers introduced Thursday it is closing Bendel’s web site and all of its 23 shops, together with the shop’s iconic Fifth Avenue location in New York, in January 2019 due to sluggish gross sales.

L Manufacturers (LB) stated in a press release that it is closing Bendel “to enhance firm profitability and concentrate on our bigger manufacturers which have better development potential,” which incorporates Victoria’s Secret and Bathtub & Physique Works.

Bendel makes up a small portion of L Manufacturers’ gross sales. Final 12 months, the corporate reported income of $12.6 billion. The corporate stated Bendel’s 2018 gross sales had been roughly $85 million, including that it is within the technique of estimating closing prices.

The upscale model, greatest recognized for its designer purses and sneakers, was based in 1895 by Henri Bendel. In 1913, the model turned one of many first luxurious retailers to open a flagship retailer with an “higher FIfth Avenue deal with,” in response to its web site. L Manufacturers acquired Bendel in 1985 and led its growth into 11 states.

L Manufacturers is having a tough 2018 due to elevated retail competitors.

The inventory is down 55% for the 12 months, making it considered one of worst performing firms within the S&P 500 for the 12 months.

CNNMoney (New York) First printed September 14, 2018: eight:45 AM ET

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