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COLUMBUS, Ohio, Sept. 13, 2018 (GLOBE NEWSWIRE) -- With a focus on increasing shareholder value, L Brands, Inc. (NYSE: LB) announces the January 2019 closing of all 23 Henri Bendel stores and the Henri Bendel e-commerce website. The stores include the company’s Fifth Avenue store as well as smaller-format stores in 11 states.
All stores and the website will remain in operation through January 2019 with new merchandise continuing to arrive through the holiday season.
“We are committed to improving performance in the business and increasing shareholder value. As part of that effort, we have decided to stop operating Bendel to improve company profitability and focus on our larger brands that have greater growth potential,” said Leslie Wexner, chairman and CEO of L Brands. “This decision is right for the future growth of our company, but not easy because of the impact to our L Brands family. I want to thank our Bendel associates for their dedication to this iconic brand and to our loyal Bendel customers.”
The associates staying with the business through January will be offered retention bonuses. At the point when associates’ positions are eliminated, they will be invited to interview for open positions within the company or will be offered separation pay and job search support services.
Operating results for Henri Bendel are included in the company’s Other segment for financial reporting. The company estimates that Henri Bendel 2018 revenues and operating loss, excluding closing costs, will be approximately $85 million and $45 million, respectively. The company is in the process of estimating the costs associated with closing the business.
ABOUT L BRANDS:
L Brands, through Victoria’s Secret, PINK, Bath & Body Works, La Senza and Henri Bendel, is an international company. The company operates 3,084 company-owned specialty stores in the United States, Canada, the United Kingdom and Greater China, and its brands are sold in more than 800 additional franchised locations worldwide. The company’s products are also available online at www.VictoriasSecret.com, www.BathandBodyWorks.com, www.HenriBendel.com and www.LaSenza.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
We caution that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this press release or made by our company or our management involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Words such as “estimate,” “project,” “plan,” “believe,” “expect,” “anticipate,” “intend,” “planned,” “potential” and any similar expressions may identify forward-looking statements. Risks associated with the following factors, among others, in some cases have affected and in the future could affect our financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements included in this press release or otherwise made by our company or our management:
We are not under any obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this press release to reflect circumstances existing after the date of this press release or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized. Additional information regarding these and other factors can be found in Item 1A. Risk Factors in our 2017 Annual Report on Form 10-K.
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|Amie Preston||Tammy Roberts Myers|
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