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BRIEF-Ralph Lauren to cut jobs, close flagship Polo store in NY
April 4, 2017 / 1:02 PM / 8 months ago

BRIEF-Ralph Lauren to cut jobs, close flagship Polo store in NY

April 4 (Reuters) - Ralph Lauren Corp:

* Ralph Lauren-on March 30, board approved additional restructuring-related activities associated with its previously announced way forward plan

* Ralph Lauren - additional restructuring-related activities will result in a reduction in workforce, closure of certain corporate office and store locations

* Ralph Lauren Corp - restructuring includes closure of its polo store at 711 fifth avenue in new york city

* Ralph Lauren - actions, which will result in approximately $140 million in annualized expense savings

* Ralph Lauren-restructuring of current digital operations, shift to a new e-commerce platform through new agreement with salesforce’s commerce cloud

* Ralph Lauren Corp - in connection with additional restructuring-related activities, expects to incur total estimated charges of approximately $370 million

* Ralph Lauren Corp - $140 million savings are in addition to $180 million-$220 million of annualized expense savings announced at company’s June 7, 2016 investor day

* Ralph Lauren-estimated charges from additional restructuring incremental to estimated range previously announced related to company’s way forward plan

* Ralph Lauren - will also explore new retail concepts, including leveraging Ralph's coffee, and developing new store formats Source text - Further company coverage:

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