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18th of October 2018

Economy



L Brands to close all Henri Bendel stores, website

(Reuters) - Victoria’s Secret owner L Brands Inc (LB.N) on Thursday said it would close all 23 of its Henri Bendel stores and the Henri Bendel e-commerce website in January.

The company cut its full-year earnings forecast in August, blaming falling demand for its PINK line of lingerie amid competition from brands such as American Eagle Outfitter’s (AEO.N) Aerie.

Shoppers pass a window display at the high-end luxury goods maker Henri Bendel along 5th Avenue in New York, November 19, 2008. REUTERS/Mike Segar

The company expects Henri Bendel, which sells women’s handbags, jewelry and luxury fashion accessories, to bring in revenue of about $85 million for 2018. It did not provide any details on costs related to the closing of the business.

The Henri Bendel stores and the website will remain in operation through January 2019, it said.

Heri Bendel, which opened its first store in 1895 in New York’s Greenwich Village, was bought by L Brands in 1985.

Reporting by Saumya Sibi Joseph in Bengaluru; Editing by Shailesh Kuber

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