The candy bar was introduced in 1936 by Luden's, at the time a subsidiary of Food Industries of Philadelphia. The name was an attempt to associate the elegant candy with fashionable 5th Avenue in New York City.
Hershey Foods Corporation acquired Luden's brands from the Dietrich Corporation, a successor to Food Industries of Philadelphia, in 1986. Despite not being advertised since 1993, the candy bar is still available in many smaller retailers. The originals were topped with whole almonds, the new ones are not.