Smith and MaxFunds.com co-founder Jonas Max Ferris discuss the stock market's historic bull run, the retail sector and National Football League ratings. "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", L Brands chairman and CEO Leslie Wexner said in a statement on Thursday.
Bendel, like other brick-and-mortar retail brands, have been struggling with sluggish sales due to the uptick of online retailers in recent years. Last year, the company reported revenue of $12.6 billion.
Henri Bendel opened his first store in 1895 in Greenwich Village in NY, selling clothing, fragrances, cosmetics and handbags and he created the store's iconic brown-and-white bag.
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Henri Bendel is owned by L Brands, parent company of Victoria's Secret, PINK, Bath & Body Works, and La Senza. After all, as the brand's website states, Bendel was the first luxury retailer with an upper Fifth Ave. address, which spurred a whole new world for fashion.
Henry Bendel was a women's hat maker from Lafayette, Louisiana. That location, however, will shutter in upcoming months.
"We are committed to improving performance in the business and increasing shareholder value".
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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.
L Brands, Inc. shares were trading at $28.97 per share on Friday afternoon, up $1.53 (+5.58%).
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