Ralph Lauren is shutting down its Fifth Avenue store in New York, but its flagship Polo Bar Restaurant at the same location will stay.
The company announced the store closing plans Tuesday, and said that should save $140 million a year. In addition to the restaurant, the company will keep seven other New York City stores open as well. It has 485 company-owned stores worldwide.
Ralph Lauren has struggled with declining sales and sharply reduced earnings in recent quarters. The company recently announced that CEO Stefan Larsson will leave the company as of May 1 due to creative differences with founder and chairman Ralph Lauren. Lauren will remain chairman and chief creative officer but will not assume the CEO job, according to the company.
The company announced restructuring plans last year, laying off 8% of its staff and closing 50 stores to save $180 million to $220 million a year.
Retailers have been closing traditional brick-and-mortar stores in droves recently. Macy's, JCPenney, Staples and Sears Holdings have announced widespread store closing plans so far this year. The Limited closed all of its remaining stores. And luxury retailer Neiman Marcus announced last month that it is looking at a possible sale of the company after it was forced to drop plans for an IPO.