Ralph Lauren To Close Flagship Fifth Avenue Store; Cut Jobs

Tuesday, April 4, 2017
By Paul Martin

by Tyler Durden
ZeroHedge.com
Apr 4, 2017

The ongoing retail massacre claimed its latest victim this morning when iconic luxury retailer Ralph Lauren said it would shut its flagship Polo store on Fifth Avenue in New York City, among other office and store locations, and cut jobs as part of a cost-cutting plan. The company also said on Tuesday that it would integrate its products from the Fifth Avenue store into the Ralph Lauren men’s and women’s flagship stores on Madison Avenue and its downtown locations.

From the press release:

As part of Ralph Lauren’s continued commitment to optimizing its store footprint, the Company will close its dedicated Polo store at 711 Fifth Avenue and integrate its product into the Ralph Lauren Men’s and Women’s flagship stores on Madison Avenue and its downtown locations. The Company will continue to operate its seven additional store locations and its flagship Polo Bar Restaurant in New York City.

These decisions, together with actions to continue to streamline the organization, cost structure and real estate portfolio, will result in approximately $140 million in annualized expense savings, which will also help fund investments for future growth. These savings are in addition to the $180-$220 million of annualized expense savings announced at the Company’s June 7, 2016 Investor Day and are a part of achieving its financial objectives. Ralph Lauren expects to incur restructuring charges of approximately $370 million as a result of these new activities.

The Rest…HERE

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