Ralph Lauren to shut down Fifth Avenue Polo store

Ralph Lauren’s lower-end Polo and Lauren brands are facing competition from fast-fashion retailers such as H&M and Inditex’s Zara

The fashion firm also said its e-commerce business would move to "a more cost-effective" platform in collaboration with online technology company, Salesforce, instead of being built in-house as originally planned.

Clothing will be moved to its other NY stores, including its Madison Avenue flagship and its downtown locations. The closures in NY represent the next step in that turnaround, CFO Jane Nielsen said in a statement Tuesday, indicating that the company can't ignore the pull of e-commerce. "The company will continue to operate its seven additional store locations and its flagship Polo Bar Restaurant in New York City".

The restructuring moves, part of the fashion retailer's previously announced "Way Forward Plan", are expected to result in annual savings of $140 million.

Masahiro Tanaka - is this the beginning of the end for Yankees starter?
With two outs and the bases loaded, Grichuk lined a 1-2 pitch into the gap in left-center for his second career game-ending hit. Seven players, including C Wilson Ramos, OF Colby Rasmus and SS Matt Duffy, begin the season on the disabled list.

CEO Stefan Larsson, who was hired less than two years ago to revive the brand, is leaving next month, and the company's chief financial officer, Jane Nielsen, is stepping in to take the lead until a successor is found. It has 485 company-owned stores worldwide.

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.

Among the stores to be closed, the iconic one on Fifth Avenue is one of them.

Syndergaard, Mets open against nemesis Teheran, Braves
The teams play the second game of the series on Wednesday night at 7:10, with Jacob deGrom against former Met Bartolo Colon. NOTES: The Mets improved their baseball-best record on Opening Day to 36-20. "It was great.

How that affects the Polo Ralph Lauren Factory Store at Williamsburg Premium Outlets, if at all, is not clear.

Shares of the Ralph Lauren clothing brand declined 3.92 percent to $78.11 in morning trading, on Tuesday.

The latest efforts that are part of what the company called its "Way Forward Plan" will see RalphLauren carry out "a reduction in workforce" and eliminate some corporate operations.

No trade talk with Britain until Brexit is over, European leaders say
But for now European Union nationals - majority from eastern and southern Europe - do not know if they can stay. But the draft negotiating guidelines released Friday set out a " phased approach " to the talks from the EU27.

Despite cutting costs, Ralph Lauren reportedly has plans to explore "new retail formats", including the expansion of Ralph's Coffee.

Share

Related News

  • Samsung to Launch Its Tab S3 in India

    Samsung to Launch Its Tab S3 in India

    The rear camera is perhaps going to be 8-megapixel while the selfie shooter is probably going to be 5-megapixel. All of this can be done through the use of Samsung's own Android launcher which supports the rearrange feature.
    Law Enforcement: Be Prepared to pay up for Texting and Driving

    Law Enforcement: Be Prepared to pay up for Texting and Driving

    Use an app that will block texts and calls while driving. "We've seen children riding bicycles texting", he said. Distracted Driving is the second leading factor in vehicle fatalities in BC with 88 deaths per year.

    Severe weather and heavy rain threat Sunday night

    A forecast map shows the potential for severe weather, including tornadoes, across nearly all of the Southeast on Monday . While the risk area and threat levels will need to be fine-tuned, stay weather aware Monday afternoon and evening.
  • Fanged Coral Fish's Venomous Bite Could Lead to New Pain Treatments

    Fanged Coral Fish's Venomous Bite Could Lead to New Pain Treatments

    Blennies are a pretty large group of fish, and even among the ones with fangs, most haven't evolved these impressive venom glands. But upon closer inspection, scientists discovered that fang blennies have a trait unlike any other animal.
    Main Events Odds For Sunday Wrestlemania 33

    Main Events Odds For Sunday Wrestlemania 33

    The New Day is gearing up for a different kind of challenge: serving as the hosts of WrestleMania 33 in Orlando, Florida. Naturally, it would be awesome if Roman's win was also accompanied by a heel turn, but we probably won't be that lucky.
    Australian cyclone leaves bull shark stranded on land

    Australian cyclone leaves bull shark stranded on land

    While the danger from flood waters continues, the Bureau of Meteorology's Jake Phillips said the rain was abating. JUST IN: Authorities confirm man's body, believed to be 77-year-old Nelson Raebel, was found just before 4pm.
  • 5 dead in Maharashtra as mercury rises through parts of India

    5 dead in Maharashtra as mercury rises through parts of India

    On Monday, the temperature in Ahmedabad had touched 42.8 degree Celsius, highest for the month of March in the last seven years. The village Bhira in Raigad district has been in the headline, as a whooping high 46.5 degrees temperature was recorded there.

    In Somalia Trump approves counter-terrorism operations' support

    Suspected Al-Shabaab militants on Thursday hijacked a Kenyan government vehicle in the border town of Elwak in Mandera country. Somalia is now experiencing extreme drought , famine , and cholera as well as violence from al-Shabaab.

    Syria refugee total hits over five million

    The statement came on the one-year anniversary of a conference for the sharing of responsibility for Syrian refugees. Refugees from Syria make up about a quarter of Lebanon's population.
  • Senate kills rule meant to protect family planning funds

    Senate kills rule meant to protect family planning funds

    Almost 88,000 individuals in Washington receive services from Planned Parenthood under Medicaid funding, according to the group. The Senate voted 50-49 to wash out regulations that allowed states to establish retirement accounts for low-income workers.
    Thompson leads after marathon day at ANA Inspiration

    Thompson leads after marathon day at ANA Inspiration

    Asked about the report after his second round at the Houston Open, Mickelson said only: "I don't know what else to add". On the course Icher was six-under for the tournament with six to play, and Michelle Wie was six-under through eight.
    Awesome Arrogate rules the world in Dubai

    Awesome Arrogate rules the world in Dubai

    Conquest Mo Money is unbeaten in three races, all at Sunland, has put up improving numbers at each event and is a son of Uncle Mo. He's the best horse in the world so people are going to come and expect a big effort. "I just don't want to let the horse down".