L Brands is shutting down this store after 123 years in business
If you are unfamiliar with Henri Bendel… don’t worry because most people are in the same boat. The brand was founded in 1895 and became best-known for its designer purses and shoes. L Brands, the owner of big-time brands like Victoria’s Secret and Bath & Body Works, acquired Henri Bendel around 30 years ago.
And after 123 years in business… the company will be closing up shop in its remaining 23 locations, including its iconic Saks Fifth Avenue spot which opened way back in 1913. This move comes at a time where L Brands stock is down 55% on the year; that number alone is pretty bad, but those results are magnified by the fact other retailers are having record-breaking years.
Here’s why they are shutting down… L Brands is trying to “improve company profitability and focus on our larger brands that have greater growth potential.” Sound familiar? This is something we have seen play out multiple times this year – companies cutting ties with weaker brands and going all-in on what’s working (or sort of working). Still, 123 years is one helluva run.