Henri Bendel closes its doors after 123 years of activity

Henri Bendel goes bankrupt.

Parent company L Brands announced Thursday the closure of Bendel's website and its 23 stores, including the iconic Fifth Avenue location in New York in January 2019, due to weak sales.

The Brands (KG) said in a statement that it is closing Bendel "to improve the profitability of the company and focus on our biggest brands that have greater growth potential", which includes Victoria's Secret and Bath & Body Works.

Bendel represents a small portion of L Brands sales. Last year, the company said a turnover of $ 12.6 billion. The company said Bendel's sales in 2018 amounted to about $ 85 million, adding that it was estimating closing costs.

The high-end brand, known for its handbags and designer shoes, was founded in 1895 by Henri Bendel. In 1913, the brand became one of the first luxury retailers to open a flagship store with a "top address of FIth Avenue," according to its website. L Brands acquired Bendel in 1985 and expanded into 11 states.

L Brands is experiencing a difficult 2018 year due to increased competition in retail.

The stock is down 55% over the year, making it one of the worst performers in the S & P 500 for the year.

CNNMoney (New York) First published on September 14, 2018: 8:45 am ET