Ralph Lauren to Close 50 Stores

Ralph Lauren (New York) announced it will cut about 50 stores, mostly full-price locations. As a result, it will also cut about 8 percent of its 150,000 full-time employees, according to the New York Post.

The cuts mark the first significant changes from CEO Stefan Larsson, who replaced company founder Ralph Lauren in the role late last year.

ABC News reports the company will focus more on its three best-selling brands — Ralph Lauren, Polo and Lauren — and devote fewer resources to its smaller ones, such as Chaps and RLX. It also hopes to shave six months from the clothing production process.