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L Brands to close all Henri Bendel stores, website

Key Points
  • 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.
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L Brands to shutter 23 Henri Bendel Stores

Victoria's Secret owner L Brandson 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 Aerie.

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.

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Key Points
  • The owner of Victoria's Secret, Pink and Bath & Body Works reduced its full-year earnings guidance, due to weakness in its Pink brand.
  • Comparable store sales for its Pink brand declined by single to mid digits in the second quarter.
  • Pink CEO Denise Landman is retiring.