Ralph Lauren to close flagship Polo store in Manhattan

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Ralph Lauren said it expects to incur about $370 million in charges and save about $140 million from the new measures, which are part of a cost-cutting plan announced in June.

Ralph Lauren shares fell 4% Tuesday after the company announced plans to close its flagship Polo store on Fifth Avenue, and reduce its workforce by an unspecified number.

"We continue to review our store footprint in each market to ensure we have the right distribution and customer experience in place", said Jane Nielsen, CFO, Ralph Lauren Corp.

Among those new retail projects the company is developing is Ralph's Coffee. One job it must fill is the chief executive spot: Stefan Larsson is exiting May 1, after a little over a year on the job.

Ralph Lauren is also switching up its digital operations to a platform that is run by Salesforce.com, Inc.'s (NYSE:CRM) Commerce Cloud, according to a statement by the company Tuesday.

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Gap and Macy's have also announced store closures in recent months, and on Monday, J.Crew announced that its longtime creative director Jenna Lyons would leave the company.

Clothing will be moved to its other NY stores, including its Madison Avenue flagship and its downtown locations.

A spokeswoman for Ralph Lauren did not immediately respond to CNBC's questions regarding whether the decision to close its Fifth Avenue flagship was related to a disruption in business because of its proximity to Trump Tower.

Ralph Lauren's lower-end Polo and Lauren brands are facing competition from fast-fashion retailers such as H&M HMb.ST and Inditex's ITX.MC Zara.

The company refused to disclose the details of the plan. What's more, the once top-of-class retailer reported early this year that net revenue for the quarter ended December 31, which included the holiday shopping season, fell 11.9% to $1.7 billion, while profit collapsed 37.4% to $82 million.