The company announced the store closing plans Tuesday, and said that should save $140 million a year. Tightening of the brand's finances is what led to the shuttering of store. And that is in addition to the $180 to $220 million they expect to save from the cuts they made past year.
Ralph Lauren is cutting jobs and closing offices and shops, including its 711 Fifth Avenue Polo store, as the company strives to reduce costs.
Merchandise from the Fifth Avenue Polo store will be moved into both the men's and women's Ralph Lauren flagship stores on Madison Avenue. At that time, the company said it would trim roughly 8 percent of its full-time headcount, close more than 50 stores, and focus on its three core brands.
Its latest actions will result in a $370 million charge, the company said.
People pass the Polo Ralph Lauren store on Fifth Avenue, Tuesday, April 4, 2017, in NY. The first Ralph's Coffee and Bar opened late past year in London, a spokesman said. The closures in NY represent the next step in that turnaround, CFO Jane Nielsen said in a statement Tuesday, indicating that the company can't ignore the pull of e-commerce.
"We continue to review our store footprint in each market to ensure we have the right distribution and customer experience in place", said Jane Nielsen, the chief financial officer of Ralph Lauren. The company still has seven other stores - along with its Polo Bar restaurant - in the city.
"The decision will optimise our store portfolio in the NY area and allow us to focus on opportunities to pilot new and innovative customer experiences", said chief financial officer, Jane Nielsen.
Among the stores to be closed, the iconic one on Fifth Avenue is one of them.
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