Ralph Lauren Closing Stores, Cutting Jobs And Exploring Retail Concepts As Part Of Restructuring

Ralph Lauren Corp. said in a Tuesday filing that it is closing its Fifth Avenue New York City Polo store, reducing its workforce, and taking other measures as part of a company restructuring. Merchandise at the Fifth Avenue Polo location will be integrated into other New York City stores. Ralph Lauren will continue to operate seven locations and its flagship Polo Bar Restaurant in New York. The company did not specify how many job cuts would take place, and expects further store and office location closures. It expects $140 million in annualized expense savings from the various measures, and will take total estimated charges of $370 million. The company is also exploring new retail concepts, including new store formats, a restructuring of the current digital formats and further leveraging Ralph's Coffee. Ralph Lauren shares are inactive in premarket trading, and down 13.3% for the past year. The S&P 500 index is up 14.2% for the last 12 months.