Ralph Lauren (RL) announced plans on Tuesday to close its 35,000-square-foot flagship store on Fifth Avenue in Manhattan, just steps from the world's most expensive retail space.
Those anticipated savings are in addition to the annual $180 million to $220 million it announced in June.
The restructuring plan will bring cash expenses of $185 million and a similar amount of noncash charges, the company said. "A$3 nd we expect it to further strengthen as we continue to evolve the Polo product and marketing", she added. Ralph Lauren said it would boost its e-commerce efforts as well. The building has been under heavy security and has been the site of protests both during the presidential campaign and following Donald Trump's election.
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Ralph Lauren, like other luxury brands, has been struggling as Americans spend less on apparel and accessories, resulting in falling sales in the last seven quarters. That store is adjacent to Trump Tower.
"We continue to review our store footprint in each market to ensure we have the right distribution and customer experience in place".
Ralph Lauren's Way Forward plan has also included a pullback from department stores in favor of digital sales, flagship store sales (despite a closure of underperforming stores, some 10% of the fleet) and a move to emphasize best-selling styles as well as provide more "see now, buy now" opportunities for customers. And don't worry, the flagship Polo Bar restaurant on Fifth Avenue is here to stay too.
The decisions come as part of the United States apparel giant's Way Forward Plan, created to restructure the business and build the brand to its full potential.