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The company is trying to turn its business around in the face of falling revenue. Like other traditional brands, Ralph Lauren has been hurt by sluggish performance at major department stores as shoppers increasingly skip the mall and shop online.
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The three-story Fifth Avenue store was opened in late 2014 as a home for Ralph Lauren’s Polo brand clothing. Soon after, the company opened the nearby Polo Bar Restaurant, which it will continue to operate.
said Tuesday that it is shuttering its high-profile Polo store on New York’s Fifth Ave., less than three years after opening it. NEW YORK — Ralph Lauren Corp.
Shares of Ralph Lauren fell $4.18, or 5 per cent, to $77.19 Tuesday afternoon.
Representatives for Ralph Lauren did not respond to a request for comment Tuesday.
Traffic passes the Polo Ralph Lauren store on Fifth Ave., Tuesday, April 4, 2017, in New York. (AP Photo/Mark Lennihan)
The company said it will close other stores, cut jobs and shut some corporate offices, but did not provide details. The closure is part of the New York fashion company’s plan to save US$140 million annually.
The company’s chief financial officer, Jane Nielsen, will lead the company until a successor is found. CEO Stefan Larsson, who was hired less than two years ago to revive the brand, is leaving next month.
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A coffee shop inside the Fifth Avenue store will be closed, but the company said it is looking at ways to keep the Ralph’s Coffee brand alive. The company did not give a date for the Fifth Avenue store closure. Clothing will be moved to its other New York stores, including its Madison Avenue flagship.