Ralph Lauren Corp (RL) Cutting Jobs, Closing Flagship NYC Store

Ralph Lauren Corp (RL) Cutting Jobs, Closing Flagship NYC Store

The retailer said the move to the "more cost-effective and flexible" Salesforce e-commerce platform would deliver "a more consistent customer experience across the global digital ecosystem, with an advantaged total operating cost". Items from the store will be moved to its other NY stores.

Ralph Lauren opened the flagship in mid-2014 after signing a lease the year before for a 15-year term that set the yearly rent at $25 million, real estate sources said.

Ralph Lauren Corp. says it will shut down its prominent Polo store on New York's Fifth Avenue, less than three years after opening it.

The restructuring moves, part of the fashion retailer's previously announced "Way Forward Plan", are expected to result in annual savings of $140 million. 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.

The company did not say how many jobs would be lost, but a year ago it indicated around 1,000 jobs and 50 stores would be sacrificed in order to lower costs.

Bilic a big Wilshere fan
West Ham were thrashed 5-1 by Arsenal in the corresponding fixture at the London Stadium in December. Slaven Bilic: "I don't have to read the papers to know my relationship with the board".

The company's margins have also taken a knock as department stores discount heavily to get rid of excess inventory.

Ralph Lauren shares fell almost 4 percent Tuesday to $78.22.

New (KOSDAQ: 160550.KQ - news) ideas under review include "Ralph Coffee" at retail locations and "developing new store formats that connect the brand to loyal and new consumers", the company said.

Ralph Lauren will however, continue to operate its seven additional store locations and its flagship Polo Bar Restaurant in New York City.

The latest efforts that are part of what the company called its "Way Forward Plan" will see RalphLauren carry out "a reduction in workforce" and eliminate some corporate operations.

Related Articles

  • Scotland makes formal request to United Kingdom for independence vote

    David Mundell, Scottish Secretary in Parliament, has already said the Government will reject the request. The Scottish Parliament this week voted in favour of Holyrood having the power to hold a referendum.
    We Happy Few To Become A Movie

    We Happy Few To Become A Movie

    But while We Happy Few hasn't yet been completed, its developers have already struck a deal for a movie adaptation of the game. The film will be produced by Paul Brooks of Gold Circle Films and DJ2 Entertainment's Dmitri M.
    Syndergaard, Cabrera lead Mets past Braves 6-0 in opener

    Syndergaard, Cabrera lead Mets past Braves 6-0 in opener

    He picked it up in the second inning, then it opened in the fifth, and he battled through the sixth before leaving the game. He signed a $12.5 million, one-year contract with Atlanta in November. "Bartolo had a huge effect on this team".
  • 5 dead, heat wave warning issued in Maharashtra

    5 dead, heat wave warning issued in Maharashtra

    The temperature in Dehradun as well as Srinagar has also been recorded much above the normal for the initial days of summer. The town of Churu in Rajasthan was the hottest with a temperature of 42.4 degree Celsius.
    Winning the 1st game became turning point: Sindhu

    Winning the 1st game became turning point: Sindhu

    The Korean failed to deal with the power and placement of Sindhu's returns as her errors kept creping in. But Sindhu employed some superb backhand shots and smashes to win the next three points and the game.
    Derrick Rose to have knee surgery, miss rest of season

    Derrick Rose to have knee surgery, miss rest of season

    The Knicks are 29-48 after Sunday's 110-94 loss to the Boston Celtics and will miss the playoffs for the fourth straight season. The recovery period for his latest injury is estimated at six to eight weeks , per Adrian Wojnarowski of The Vertical .
  • Hardy Boyz stun fans at WrestleMania 33

    Hardy Boyz stun fans at WrestleMania 33

    There have been rumors that Impact Wrestling officials have balked at the notion of Matt bringing the Broken persona to the WWE. Matt climbed the ladder once again and pulled down the belts, winning the tag team titles for him and his obsolete brother.
    Trump to sign executive orders targeting trade abuses

    Trump to sign executive orders targeting trade abuses

    White House video showed Trump entering the Oval Office to announce the orders, but leaving before actually signing any documents. For example, in trade, in steel, we now have something like 187 cases of this kind of duties and anti-dumping outstanding.
    Pettersen hits the front at ANA Inspiration

    Pettersen hits the front at ANA Inspiration

    After an extra-long day of play in wind and sun, Thompson is at 13-under 203 heading into Sunday's final round. Park admitted she had been anxious about how long it would take to shake off the rust after such a long break.
  • Distracted driving crashes on the rise

    Distracted driving crashes on the rise

    The bucket truck effort alone on Wednesday netted 26 violators of which 14 were for distracted driving and several for seatbelts. Smyth said that Snapchat took down one of the features of their app because people were videotaping their own crashes.
    Mike Epps sorry for dancing with kangaroo on Detroit stage

    Mike Epps sorry for dancing with kangaroo on Detroit stage

    Stacks insists the kangaroo was not hurt in any way, and that he has the proper licenses to work with animals in this manner. Footage uploaded to social media and TMZ .com shows the handler carrying the animal around when it tried to leave the stage.

    Australian towns evacuated amid flooding from ex-cyclone

    Another three people were confirmed dead on Saturday but police are still investigating whether their deaths were flood-related. Torrential rain lashed heavily populated areas as the remnants of Cyclone Debbie moved down the nation's east coast.