Newspaper article St Louis Post-Dispatch (MO)

Ralph Lauren Closing Stores as Sales Slump

Newspaper article St Louis Post-Dispatch (MO)

Ralph Lauren Closing Stores as Sales Slump

Article excerpt

NEW YORK * Ralph Lauren is closing stores, cutting jobs and focusing more on its most popular brands to try to reverse its declining fortunes.

The changes are the first big moves from CEO Stefan Larsson, who replaced company founder Ralph Lauren in the role late last year. Lauren is still executive chairman and chief creative officer of the fashion and home decor business he created.

The company plans to close more than 50 stores, or about 10 percent of its total . It will let go about 1,000 of its 15,000 full- time employees, almost 7 percent.

It will focus more on its three best-selling brands Ralph Lauren, Polo and Lauren and devote fewer resources to its smaller ones, such as Chaps and RLX. The company also hopes to produce its clothing faster, cutting six months from the production process . …

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