Ralph Lauren announced Tuesday it will soon close its flagship Polo store on Fifth Avenue in New York City.
The closure, scheduled for April 15, is part of a restructuring plan designed to save the company $140 million a year, CNBC reported.
In addition to shuttering more than 50 stores, the company will also trim its workforce by 8 percent, but would not say how many jobs will be eliminated, according to Bloomberg.
After closing the flagship location, Ralph Lauren will still have seven stores and its Polo Bar Restaurant in New York City.
A company spokesperson said the retailer plans to test new concepts, including the Ralph’s Coffee brand. It will also invest more resources in its e-commerce venture and streamline its organization.
Ralph Lauren made headlines last year for designing Team USA's parade uniforms for the 2016 Rio Olympics.
Now, it’s facing a $370 million shakeup and shares that have fallen more than 14 percent since the beginning of the week.
The company is among many affected by Americans' decisions to shop online and avoid traditionally pricey brands. Earlier this week, Bebe announced it will close all its stores and move to online-only sales. The Limited also closed all its stores, and many department stores, including Macy's, Sears, and J.C. Penney, are facing hard times and shuttering mall locations nationwide.
Related: Payless ShoeSource to close 400 stores, files for bankruptcy
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