L Brands is to close down its 123-year-old luxury womens fashion brand Henri Bendel.

“We are committed to improving performance in the business and increasing shareholder value,” said L Brands CEO and chairman Leslie Wexner. “As part of that effort, we have decided to stop operating Henri Bendel to improve company profitability and focus on our larger brands that have greater growth potential. This decision is right for the future growth of our company, but not easy because of the impact to our L Brands family.”

Henri Bendel has 23 stores operating in 11 US states, including a flagship on Fifth Avenue. It also has an e-commerce site.

The company will implement a staged close-down, with new stock shipped for the peak holiday season and stores shuttered in January.

L Brands predicts Henri Bendel sales to reach US$85 million this year, with an operating loss of $45 million. That figure excludes closedown expenses.

L Brands is the parent company of Victoria’s Secret, Pink and Bath and Bodyworks.