Published: Wed, April 05, 2017
Health Care | By Gwendolyn Kim

Ralph Lauren to Close Polo Store On Fifth Avenue and Cut Jobs

Ralph Lauren to Close Polo Store On Fifth Avenue and Cut Jobs

Clothing will be moved to its other NY stores, including its Madison Avenue flagship and its downtown locations. Ralph Lauren declined to say how many jobs were affected and said the cuts account for a small fraction of the charges.

The company said that the goods from the Fifth Avenue store will be sold at other Ralph Lauren stores in NY.

The closure is part of the NY fashion company's plan to save $140m annually.

The next phase of Ralph Lauren's reinvention won't involve its Fifth Avenue Polo store. During the fiscal year ending on March 31, the company had already closed 50 stores.

Tiffany said last month that sales in its NY flagship store declined 11 percent for the full year, including a 7 percent drop in the fourth quarter. Chief Financial Officer Jane Nielsen, a former Coach Inc. executive, is taking the reins as acting CEO while Ralph Lauren searches for a new leader.

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Ralph Lauren Corp.is shaking things up-and cutting costs.

Shares of Ralph Lauren fell $4.18, or 5 per cent, to $77.19 Tuesday afternoon, following the news. The company still has seven other stores - along with its Polo Bar restaurant - in the city.

The restructuring plan is part of the company's Way Forward Plan that's been around since last June. In a public filing on Tuesday, the company planned to close an unspecified number of stores, close a certain corporation operations and reduce workforce.

Ralph Lauren's Way Forward plan has also included a pullback from department stores in favor of digital sales, flagship store sales (despite a closure of underperforming stores, some 10% of the fleet) and a move to emphasize best-selling styles as well as provide more "see now, buy now" opportunities for customers.

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