L Brands, the parent company which owns retail icon Henri Bendel, has announced that they will be closing all 23 locations after 123 years. The closings will take place following the 2019 holiday shopping season, giving nostalgic shoppers a last chance to make their purchases from the iconic retailer. The Henri Bendel closing will leave the 86,000 SF 712 Fifth Avenue, which is owned by the Paramount Group, vacant. The lease carries $6.5 million in annual rent commitments and runs through February 28, 2021. L Brands has decided to focus on their larger holdings which include Victoria’s Secret and Bath & Body Works. They initially purchased the retailer in 1985 before expanding to 11 states.
