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Henri Bendel to close in January

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News video: Henri Bendel to close in January

L Brands will close all 23 Henri Bendel stores and its website in January so it can focus on growing its bigger brands.

Fred Katayama reports.

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Henri Bendel to close in January

The owner of the Victoria's Secret lengerie chain will turn off the lights next year at its luxury retail chain, Henri Bendel.

L Brands will close all 23 stores of the century old retailer and its website in January.

The chain is known for its iconic brown-and-white striped handbag.

L Brands which also owns Bath & Body Works said it wants to focus on its larger brands that have greater growth potential.

It estimates Henri Bendel will incur an operating loss of $45 million this year.

Mary Epner Retail Analysis CEO Mary Epner said, "I'm surprised they stayed in business this long.

I always felt Henry Bendel was a New York phenomenon.

There's too much competition.

And their assortment is not particularly compelling." The pioneering brand says it was the first luxury retailer with an upper Fifth Avenue address and credits itself with having discovered artists Andy Warhol, whom it hired as an in-house illustrator.

It says its website and its stores will feature new merchandise through the holiday season before closing down.

L Brands shares rose at the market open on Friday.




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