Ralph Lauren Corporation, an American fashion house, closed a flagship store under its brand of Polo, located on the Fifth Avenue, a major thoroughfare going through the borough of Manhattan in New York.
The company will also reduce its staff and take other measures as a part of the business restructuring, according to a press release.
It is expected that the restructuring will cost the company $370 million, and will bring savings of about $140 million a year. The number of jobs that will be cut has not been disclosed yet.
New York Polo store will be closed on April 15. After that, seven outlets in the city, as well as Polo Bar Restaurant will remain in the company’s ownership.