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 After 123 years in business, Henri Bendel will be closing its doors in Jan. 2019. 
 
 Bendel’s parent company L Brands, which acquired the department store in 1985, announced the news Thursday due to the retailer’s declining sales. 
 
 In addition to shutting down its e-commerce business, L Brands plans to shut down all 23 of Bendel’s brick-and-mortar stores, including the iconic N.Y.C. Fifth Avenue flagship down the street from Bergdorf Goodman and Tiffany & Co. 
 
 “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,” Leslie Wexner, chairman and chief executive officer of L Brands, said in a statement to PEOPLE. 
 
 “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.” 
 
 A representative for the brand “does not know what will happen” with the Fifth Avenue store space, but noted the location will continue to operate through mid-January 2019 and receive new merchandise for the holidays. 
 
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 Bendel was an early pioneer in the American fashion industry as the first luxury retailer to open an “upper Fifth Avenue address” and the first to stage a fashion show, according to its website. 
 
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 In 1913, Bendel introduced Coco Chanel’s designs to the U.S. and even employed Andy Warhol as its in-house illustrator in the 1960s. 
 
 The store was founded by French-speaking American designer Henri Willis Bendel in 1895 as a millinery shop in Greenwich Village before relocating to the corner of 5th Avenue and 57th Street in 1912. ||||| Henri Bendel is going out of business. 
 
 Parent company L Brands announced Thursday it's closing Bendel's website and all of its 23 stores, including the store's iconic Fifth Avenue location in New York, in January 2019 because of sluggish sales. 
 
 L Brands (LB) said in a statement that it's closing Bendel "to improve company profitability and focus on our larger brands that have greater growth potential," which includes Victoria's Secret and Bath & Body Works. 
 
 Bendel makes up a small portion of L Brands' sales. Last year, the company reported revenue of $12.6 billion. The company said Bendel's 2018 sales were approximately $85 million, adding that it's in the process of estimating closing costs. 
 
 The upscale brand, best known for its designer purses and 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 an "upper FIfth Avenue address," according to its website. L Brands acquired Bendel in 1985 and led its expansion into 11 states. 
 
 L Brands is having a difficult 2018 because of increased retail competition. 
 
 The stock is down 55% for the year, making it one of worst performing companies in the S&P 500 for the year.
– Shop on Fifth Avenue? Neither do we, but still: The iconic Henri Bendel department store will soon be gone along with its e-commerce business and 22 other brick-and-mortar locations, People reports. Parent company L Brands is making the move amid increasing retail competition and plummeting company stocks, which fell 55% this year, per CNN Money. A pioneer in US fashion and luxury retail, Bendel has been in business for 123 years and held the country's first fashion show, its website says. The store plans to close in January.