Ralph Lauren is cutting jobs and closing offices and shops, including its 711 Fifth Avenue Polo store, as the company strives to reduce costs. The company will consolidate this location with the company's Ralph Lauren Men's and Women's flagship stores on Madison Avenue.
The restructuring plan is part of the company's Way Forward Plan that's been around since last June.
Though it will cost the company $370 million to implement these decisions, Ralph Lauren expects to save about $140 million in the long run. It opened the first of those locations in its Polo flagship in 2014. This is just the latest tumble for the struggling retailer who is now facing more job cuts at its headquarters in order to make a shift towards e-commerce operations with Salesforce's Commerce Cloud as a means to save some liquidity. The moves come on top of 50 store closures past year, a decision stemming from dwindling sales at its own stores as well as at the department stores like Macy's (m) that carry its products. And that is in addition to the $180 to $220 million they expect to save from the cuts they made past year.
How that affects the Polo Ralph Lauren Factory Store at Williamsburg Premium Outlets, if at all, is not clear. The Limited closed all of its remaining stores.
"We continue to review our store footprint in each market to ensure we have the right distribution and customer experience in place".
Clothing will be moved to its other NY stores, including its Madison Avenue flagship and its downtown locations. In recent months, Gap and Macy's also announced to close some of their stores.