L Brands shuttering Henri Bendel

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Bendel makes up a small portion of L Brands' sales.

The upscale brand was founded in 1895 by Henri Bendel (duh) and became one of the first luxury retailers to have a store on Fifth Avenue in 1913.

"We are committed to improving performance in the business and increasing shareholder value".

Amid sluggish sales, Henri Bendel is closing all 23 of its departments stores.

Its parent company, L Brands, said in a statement that the move was needed to improve the company's overall profitability and to focus on its much larger brands that "have greater growth potential".

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L Brands, the owner of Victoria's Secret, announced it will close Henri Bendel in January 2019. (As of 1:30 p.m. ET, the stock was up almost 5 percent to $28.80.) Bendel accounted for just $85 million of L Brands' $12.6 billion revenue in 2017. It is in the process of estimating costs associated with closing Henri Bendel.

The brand was started by Henri Bendel in 1895, when he moved to NY and began making white-and-brown-striped bags and hat boxes that appealed to the city's elite.

Associates staying with the business through January will be offered retention bonuses. Ninety years later, in 1985, Henri Bendel was acquired by L Brands. Additionally, once positions are eliminated, they will be "invited to interview for other open positions" within the company.

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.

L Brands shares closed Friday at $28.97, up $1.53, or 5.6 percent.

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