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.
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.
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.
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.