Ralph Lauren Closing Fifth Avenue Polo Store

As a part of the retailer’s “Way Forward Plan,” Ralph Lauren (New York) will be closing its Polo store on Fifth Avenue in New York. According to Bloomberg, this location may not have been profitable and likely had very high rent. This move, among others, is an effort to save $140 million by the end of its next fiscal year.

The restructuring plan also includes cutting its corporate workforce, though details were not provided about how many jobs would be lost. It will also shift its digital operations to a new platform and streamline its organization.

Since the “Way Forward Plan” was introduced last June, the company has cut 1000 jobs and closed 50 stores. It will explore developing new store formats as well as new retail concepts, such as Ralph’s Coffee.