Upscale fashion retailer Ralph Lauren said Tuesday that it would cut jobs and shutter its Polo store on Fifth Avenue in New York City as it seeks cost savings amid a sputtering turnaround effort.
The company said the moves would save $140 million in annual expenses and would cost $370 million in one-time restructuring charges.
The plans include an unspecified number of store closures, “a reduction in workforce” and closure of certain corporation operations, according to a public filing.
The company declined to release details, though it had already announced 50 store closures during the fiscal year ending March 31.
But the moves follow a turbulent period defined by falling revenue, lower profit and the announced departure of the company’s CEO, Stefan Larsson, who had creative differences with chief creative officer, executive chairman and company namesake Ralph Lauren. Larsson, whose departure was announced in February, officially exits on May 1.
The retailer said Tuesday in a public filing that its latest moves were in addition to a plan announced in…