Ralph Lauren to close flagship NYC Polo store, dozens of other locations

Spencer Platt/Getty Images

Polo flagship store

Spencer Platt/Getty Images
NEW YORK, NY - APRIL 04: People walk by Ralph Lauren's Fifth Avenue Polo store on April 4, 2017 in New York City. The luxury brand announced on Tuesday that it will close the exclusive location, just doors down from Trump Tower. The iconic clothing company has struggled financially as more shoppers migrate to online shopping among other consumer challenges. (Photo by Spencer Platt/Getty Images)

Ralph Lauren announced Tuesday it will soon close its flagship Polo store on Fifth Avenue in New York City.

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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’sSears, and J.C. Penney, are facing hard times and shuttering mall locations nationwide.

Related: Payless ShoeSource to close 400 stores, files for bankruptcy

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