Ralph Lauren closing flagship Manhattan store and other locations

Reuters

The moves are the latest as the retail industry responds to the consumer shift to e-commerce that has led many to conclude that the United States brick-and-mortar retail footprint is too big.

"The decision will optimize our store portfolio in the NY area and allow us to focus on opportunities to pilot new and innovative customer experiences", she added.

In a sign of desperation and extreme cost cutting measures, Ralph Lauren is closing its two year-old Fifth Avenue store on April 15, the company said on Tuesday.

The closure is part of the NY fashion company's plan to save $140 million annually. The company has eliminated layers of management, slashed 1,000 jobs and closed about 50 stores.

Merchandise from the Fifth Avenue Polo store will be moved into both the men's and women's Ralph Lauren flagship stores on Madison Avenue.


Tiffany said last month that sales in its NY flagship store declined 11 percent for the full year, including a 7 percent drop in the fourth quarter. And don't worry, the flagship Polo Bar restaurant on Fifth Avenue is here to stay too.

Ralph Lauren's shares declined 3.92 percent to $78.11 in morning tradiing. In a public filing on Tuesday, the company planned to close an unspecified number of stores, close a certain corporation operations and reduce workforce.

The restructuring plan is part of the company's Way Forward Plan that's been around since last June. According to Ralph Lauren, the new solution is expected to deliver a more consistent customer experience across the global digital ecosystem, with an advantaged total operating cost.

New (KOSDAQ: 160550.KQ - news) ideas under review include "Ralph Coffee" at retail locations and "developing new store formats that connect the brand to loyal and new consumers", the company said.

Related News:

  • Supreme Court sets higher bar for education of students with disabilities

    Supreme Court sets higher bar for education of students with disabilities

    That family said their 5th grader with autism was turned away from a Douglas County public school because of his special needs. As is the situation with most Supreme Court cases, however, the ruling affects more than just the plaintiff named in the case.

    Trump approves more 'aggressive airstrikes' in Somalia

    The move allows for increased airstrikes, which have previously only been used for defense of partnered forces. US officials denied that claim but said investigations into reports of civilian casualties were underway.
    Death toll rises to 127 after rivers overflow in Colombia

    Death toll rises to 127 after rivers overflow in Colombia

    Herman Granados, a doctor at the local hospital, said he worked through the night to help victims. According to the Red Cross, 400 people were injured and 220 believed missing.
  • Distracted Driving in Chilliwack got the bucket treatment this week

    Distracted Driving in Chilliwack got the bucket treatment this week

    The Connecticut Department of Transportation urges you to put your phone down when you get behind the wheel. When you get behind the wheel, be an example to your family and friends by putting your phone away.
    Rob Gronkowski Rushes Ring at Wrestlemania, Does Wrestling to Wrestler

    Rob Gronkowski Rushes Ring at Wrestlemania, Does Wrestling to Wrestler

    The backstory: Gronk is buddies with wrestler Mojo Rawley (this bond appears to be legitimate, based on a post-match interview ). In one of the early and most insane moments of WrestleMania 33, an National Football League superstar stepped into the ring.

    State Will Spend $47 Million More on Flint Under Proposed Lawsuit Settlement

    The agreement requires the State of MI to provide almost $100 million to the City for replacement of Flint's lead service lines. More money on its way to replace thousands of lead water pipes in Flint, Michigan.
  • More Democratic senators voice opposition to Trump's Supreme Court pick

    More Democratic senators voice opposition to Trump's Supreme Court pick

    McCaskill's statement on Friday stressed Gorsuch's opinions show he "always puts the little guy under the boot of corporations". Michael Bennet of Colorado, Jon Tester of Montana and Joe Donnelly of IN , and are also hoping for support from Sen.

    Perfect pick: North Carolina seventh-grader nails Final Four

    Like South Carolina, the Bulldogs overcame a poor shooting performance (25-of-67) with an intensity that can not be measured. He missed his second free throw on goal but Gonzaga's Zach Collins rebounded and made two free throws to clinch it.
    Alex Rodriguez Addresses Jennifer Lopez Romance

    Alex Rodriguez Addresses Jennifer Lopez Romance

    The same day after his appearance on this show, Alex and Jennifer were spotted together enjoying a lunch date at a NY restaurant. The couple has been traveling together frequently, taking trips to the Bahamas, Miami, California and NY .
  • Marvel's Iron Fist: What Does The Ending Really Mean?

    Marvel's Iron Fist: What Does The Ending Really Mean?

    Thomas, who wasn't involved in the new series, bashed the debate over cultural appropriation, saying it's "crap". But I would have found it easier to write about a Caucasian, so that's one reason I probably did it.

    Starting XI for both teams in the EPL Merseyside derby

    Liverpool are unbeaten in their last 12 league encounters with Everton (W5 D7 L0). Roberto didn't score but he opened almost all the situations for Brazil .

    Brazil become first country to qualify for 2018 World Cup in Russian Federation

    Although Neymar has always been reliable for Brazil's national team, he has really blossomed under Tite's tutelage. Francisco Arce team has to its credit five wins and three draws, and in liabilities - five defeats.


Most liked

Islanders captain Tavares to miss final week of season
It was the Islanders' first game since Tavares was sidelined by a left hamstring injury in a 2-1 win over New Jersey on Friday. If Robin Lehner gets the start in goal for the Sabres , he'll try to continue his strong play. "That first was not our best".

De Blasio Says No Plans for Jail on Staten Island
Once the goal is reached, this would allow the majority of inmates to depart from Rikers, causing the facility to close. Last week Mayor de Blasio estimated a 10 year timeline before Rikers could be completely shut down.

Modi congratulates J&K youth for building Chenani - Nashri Tunnel
Modi earlier inaugurated a new 10.9 km road tunnel which will shorten the driving time between Jammu and Srinagar by two hours. It has traffic and fire control systems, video surveillance, FM connectivity and transverse ventilation systems.

Leftist Moreno heading to dispute win in Ecuador election
Some Lasso supporters protested outside election offices in Quito and other cities demanding transparency in the vote count. Correa accused Lasso supporters of trying to deny the results and provoke violence.

We Happy Few signs a movie deal, says Variety
Though it's still only in early access, dystopian survival title We Happy Few is already the subject of some big film plans. Dj2 CEO Dmitri Johnson also states that the studio's goal is to remain true to the game's source material.

Atlanta Braves set 25-man roster for opening day
Cabrera's single - his third hit of the day - scored Flores, who was initially called out but ruled safe on a replay challenge. The teams play the second game of the series on Wednesday night at 7:10, with Jacob deGrom against former Met Bartolo Colon.

Mike Epps sorry for dancing with kangaroo on Detroit stage
In a viral video , the animal is seen swinging its arm at Epps before the comedian runs off the stage. During a video of the event, Epps, an Indianapolis-native, can be seen holding the animal's harness.

Samsung Electronics' mobile chief says Galaxy S8 sales to beat S7's
The Galaxy S8 release comes after Samsung was forced to recall its Note 7 phones for catching fire due to overheating batteries. When viewing a photo, just say "send this to Bob" to pull up messaging options and contact information for the Bobs you know.

Tillerson in South Korea: "Strategic Patience" With North Korean Regime "Has Ended"
Tillerson also visited South Korea and China before wrapping up his first visit to Asia as a Secretary of State. But the United States has already rejected Wang's proposal of the so-called "double suspension".

Munster to face Saracens in Dublin for place in final
Two more Farrell penalties made it 9-3 before the try Saracens had threatened arrived in the 31st minute. The scoring ran away and it wasn't a reflection of the game. "As a group we will learn".

PV Sindhu enters final of India Open World Superseries
PV Sindhu completed her fourth career victory over Carolina Marin, as she notched-up a 21-19, 21-16 win, in front of a home crowd. She lost the first point but won the subsequent to win the second game 21-16 and become the Women's Singles champion.

Choose between tourism and terrorism: Modi tells Kasmiri youth
It is part of the National Highway Authority of India's project between Jammu and Srinagar, along National Highway 44. The estimated value of daily fuel savings will be to the tune of Rs 27 lakh, according to the PMO.

Strong Storm likely Sunday — FIRST ALERT FORECAST
There is a possibility of storms moving across the same areas creating pockets of higher totals through Monday . During this time we'll be watching activity to our west as it tracks east and looks to impact Alabama Monday .

Kim Jong-Nam's body returned to North Korea as suspects released
However, Malaysia's police chief revealed on Friday that the embassy had initially confirmed he was Kim Jong Nam. He also said that investigations are not over yet as there are still four key suspects at large.

World Cup qualifying woes for Argentina after ban for Messi
Lionel Messi will also miss three of the team's remaining four games against Uruguay, Venezuela, and Brazil this year. Messi has led Argentina to three finals and is under pressure to deliver".