NewBeauty at Fred Segal will be closing its doors. The iconic building, located at 500 Broadway in Santa Monica, which housed the NewBeauty store, and many other local retailers, has been sold. The owner of the center plans to redevelop the property and as a result, NewBeauty, along with other tenants in the building have received notification that leases are not being renewed. Letters to NewBeauty vendors went out in early in May stating: “It is with great sadness that we must hereby give you 30 days notice for termination of your partnership with NewBeauty at Fred Segal.”