Ralph Lauren to close flagship Polo store in cost-cutting plan

Italian clothes manufacturer Belstaff inside a leather jacket at a fashion shop in Frankfurt

Ralph Lauren is also trying to boost its e-commerce presence by relaunching its store on a new platform to "deliver a more consistent customer experience across the global digital ecosystem".

The remaining product at the 711 Fifth Avenue store will be moved to the 867 Madison Avenue flagship and other NYC area stores. Ralph Lauren declined to say how many jobs were affected and said the cuts account for a small fraction of the charges.

As for the Polo store, Ralph Lauren's chief financial officer, Jane Nielsen said in a statement that the closing was aimed to free up the company to explore other retail concepts and hinted that its Ralph Coffee cafe as one idea that could be expanded. The company has struggled with revenue and same-store sales recently.

These moves are expected to save Ralph Lauren approximately $140 million, which is in addition to the $180 to $220 million in savings due to other cuts the company made a year ago, when it said it would eliminate 1,000 jobs and close 50 stores.

Tiffany said last month that sales in its NY flagship store declined 11 percent for the full year, including a 7 percent drop in the fourth quarter. In a public filing on Tuesday, the company planned to close an unspecified number of stores, close a certain corporation operations and reduce workforce.

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The news comes two months after Ralph Lauren's chief executive, Stefan Larsson, announed his resignation - after just two years on the job - over differences with the namesake founder of the iconic brand.

Ralph Lauren shares fell almost 4 percent Tuesday to $78.22.

Other changes could include new retail concepts and new store formats created to bring in both old and new customers, the company says.

The restructuring plan is part of the company's Way Forward Plan that's been around since last June.

How that affects the Polo Ralph Lauren Factory Store at Williamsburg Premium Outlets, if at all, is not clear. It opened the first of those locations in its Polo flagship in 2014.

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