Ralph Lauren to Close Flagship Fifth Avenue Store in Manhattan, Cut Jobs


Ralph Lauren Corp., reeling from tumbling sales and profit, will close its flagship Polo store on Fifth Avenue, revamp its e-commerce operations and cut jobs in a $370 million shake-up.

As part of the changes, Ralph Lauren will shift its digital operations to a platform run by Salesforce.com Inc.’s Commerce Cloud, the company said on Tuesday. It’s also streamlining its organization and shuttering other offices and stores.

The move follows the abrupt announcement in February that CEO Stefan Larsson was leaving the fashion house. He had been tasked with leading the company’s turnaround, but clashed with the eponymous founder over creative differences. Chief Financial Officer Jane Nielsen, a former Coach Inc. executive, is taking the reins as acting CEO while Ralph Lauren searches for a new leader.

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