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.
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