Ralph Lauren announced Tuesday it will soon close its flagship Polo store on Fifth Avenue in New York City.
The closure, scheduled for April 15, is part of a restructuring plan designed to save the company $140 million a year, CNBC reported.
In addition to shuttering more than 50 stores, the company will also trim its workforce by 8 percent, but would not say how many jobs will be eliminated, according to Bloomberg.
After closing the flagship location, Ralph Lauren will still have seven stores and its Polo Bar Restaurant in New York City.
A company spokesperson said the retailer plans to test new concepts, including the Ralph’s Coffee brand. It will also invest more resources in its e-commerce venture and streamline its organization.
Ralph Lauren made headlines last year for designing Team USA’s parade uniforms for the 2016 Rio Olympics.
Now, it’s facing a $370 million shakeup and shares that have fallen more than 14 percent since the beginning of the week.
The company is among many affected by Americans’ decisions to shop online and avoid traditionally pricey brands. Earlier this week, Bebe announced it will close all its stores and move to online-only sales. The Limited also closed all its stores, and many department stores, including Macy’s, Sears, and J.C. Penney, are facing hard times and shuttering mall locations nationwide.
Another popular retailer is ditching its brick-and-mortar stores and going to an online-only business.
Bebe Stores Inc., a women’s clothing chain which operates fewer than 200 store locations across the United States, is closing all its stores and shifting its focus to become an online-only retailer.
Bloomberg first reported the news on March 21. It said Bebe has “no significant debt” but has lost about $200 million over the last four years.
Bebe released a statement on March 22, saying that it is “exploring strategic alternatives for the company” and “there is no assurance that this process will result in any specific transaction.”
Bebe, based in Brisbane, California, was founded in 1976.
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A new line of denim clothing is coming to H&M stores in March, US Weekly reported.
The retailer said in a Wednesday news release that the Denim United collection will be "blurring borders and challenging norms."
"It is very natural for us to launch a unisex collection as fashion is constantly evolving and intersecting and today we see there are no boundaries in democratic style," H&M spokeswoman Marybeth Schmitt said in a statement. "Fashion should always be inclusive."
The pieces borrow from menswear and womenswear, the release said, and can be mixed and matched together.
Items include T-shirts, jeans, shorts, overalls, long- and short-sleeve button-down shirts and a hoodie. The denim pieces are in varying washes.
The collection will be available "exclusively online" at HM.com starting March 23.
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