Ralph Lauren's Polo store on Fifth Avenue to close amid slumping sales

Italian clothes manufacturer Belstaff inside a leather jacket at a fashion shop in Frankfurt

Italian clothes manufacturer Belstaff inside a leather jacket at a fashion shop in Frankfurt

Ralph Lauren will also move its current digital operation to a less expensive and more flexible digital platform.

"The decision will optimize our store portfolio in the NY area and allow us to focus on opportunities to pilot new and innovative customer experiences", said Nielsen.

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

Ralph Lauren is shutting down its Fifth Avenue store in NY, but its flagship Polo Bar Restaurant at the same location will stay. The company will consolidate this location with the company's Ralph Lauren Men's and Women's flagship stores on Madison Avenue.

The retailer did not specify how many jobs it would cut, but in June it announced about 1,000 jobs would be slashed and 50 stores would close to lower costs and revive sales growth.

The restructuring moves, part of the fashion retailer's previously announced "Way Forward Plan", are expected to result in annual savings of $140 million.

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The news comes two months after Ralph Lauren's chief executive, Stefan Larsson, announed his resignation - after just two years on the job - over differences with the namesake founder of the iconic brand.

Tiffany said last month that sales in its NY flagship store declined 11 percent for the full year, including a 7 percent drop in the fourth quarter.

Soon after, the company opened the nearby restaurant, The Polo Bar, which it will continue to operate.

Shares of the Ralph Lauren clothing brand declined 3.92 percent to $78.11 in morning trading, on Tuesday.

The company also said there may be future "reviews of store footprints" and indicated that more stores may be closed. Ralph Lauren is refocusing on its three core brands: Ralph Lauren, Polo and Lauren.

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