The American heritage brand said in a filing today that it is closing its flagship Fifth Avenue Polo store and cutting an unspecified number of staff. Through these measures, it hopes to save $140 million. This is just the latest part in a larger restructuring effort: last summer, Ralph Lauren shut down 50 stores and shed 1,000 employees from its workforce. At that time, I wrote an in-depth story about the decline of premium American brands, describing how they cut corners on quality and did not innovate when it came to retail stores. According to the filing, Ralph Lauren is going to explore new retail concepts, overhaul its current digital platforms, and leverage its cafe, Ralph’s Coffee.
[Photo: Flickr user Shinya Suzuki]