Ralph Lauren to shut down Fifth Avenue Polo store

Ralph Lauren to shut down Fifth Avenue Polo store

NEW YORK — Ralph Lauren Corp. said Tuesday that it is shuttering its high-profile Polo store on New York’s Fifth Avenue, less than three years after opening it.

The closure is part of the New York fashion company’s plan to save $140 million annually. The company said it will close other stores, cut jobs and shut some corporate offices, but did not provide details.

Representatives for Ralph Lauren did not respond to a request for comment Tuesday.

The company is trying to turn its business around in the face of falling revenue. Like other traditional brands, Ralph Lauren has been hurt by sluggish performance at major department stores as shoppers increasingly skip the mall and shop online.

CEO Stefan Larsson, who was hired less than two years ago to revive the brand, is leaving next month. The company’s chief financial officer, Jane Nielsen, will lead the company until a successor is found.

The three-story Fifth Avenue store was opened in late 2014 as a home for Ralph Lauren’s Polo brand clothing. Soon after, the company opened the nearby Polo Bar Restaurant, which it will continue to operate.

A coffee shop inside the Fifth Avenue store will be closed, but the company said it is looking at ways to keep the Ralph’s Coffee brand alive. Clothing will be moved to its other New York stores, including its Madison Avenue flagship. The company did not give a date for the Fifth Avenue store closure.

Shares of Ralph Lauren fell $4.18, or 5 per cent, to $77.19 Tuesday afternoon.

The Associated Press

Just Posted

Slideshow: Shuswap Stars sparkle on the dance floor

Stunning choreography raises funds for new chalet at Larch Hills

Traffic stopped on Highway 97B due to crash

The incident took place south of Mellors Store.

Families of missing Shuswap women call for action

Birthday of missing woman Ashley Simpson remembered during rally in Yankee Flats

‘Listen to your gut’ urges injured skier

Mike Shaw was told he’d never walk again after an accident four years ago, but he defied the odds

Nasty note on windshield sparks online outrage

Vernon’s Bailey McDonald is using a painful experience to start conversation about invisible illness

Drones used in search for clues about missing women

A volunteer search party was supported by professional drone operators

‘An officer and a gentleman’: Const. John Davidson is laid to rest

Thousands attend memorial service for slain Abbotsford Police officer

VIDEO: Coquihalla closed both directions near Merritt

Detours are available via Hwy. 8 and Hwy. 1

VIDEO: The Last Jedi is going to be the longest ‘Star Wars’ movie yet

Newest movie in the franchise will beat Star Wars: Episode II - Attack of the Clones

REPLAY: B.C. this week in video

In case you missed it, here’s a look at replay-worthy highlights from across the province this week.

PHOTOS: Procession and funeral for Const. John Davidson

Thousands attended celebration of life for Abbotsford police officer

B.C. Liberal leadership candidates debate different paths for party

Third debate held Sunday, Nov. 19 at Nanaimo’s Vancouver Island Conference Centre

Vernon poet makes poetry prize shortlist

He’s been involved with the craft since the ’70s, gaining recognition along the way

LIVE: BC Liberals kick off leadership debate in Nanaimo

Candidates’ forum is at noon at Vancouver Island Conference Centre

Most Read