The retail slaughter continues. Now its Ralph Lauren’s turn after Sears, JC Penney, and other retailers have announced store closings.
NEW YORK—April 4, 2017 – Ralph Lauren Corporation (NYSE: RL) today announced several key actions as part of the continued execution of its Way Forward Plan to return the company to sustainable, profitable growth and continue to move its business and iconic brand forward.
First, the Company will move to a more cost-effective, flexible e-commerce platform through a new collaboration with Salesforce’s Commerce Cloud (formerly Demandware). The new solution is expected to deliver a more consistent customer experience across the global digital ecosystem, with an advantaged total operating cost.
In addition, as part of Ralph Lauren’s continued commitment to optimizing its store footprint, the Company will close its dedicated Polo store at 711 Fifth Avenue and integrate its product into the Ralph Lauren Men’s and Women’s flagship stores on Madison Avenue and its downtown locations. The Company will continue to operate its seven additional store locations and its flagship Polo Bar Restaurant in New York City.
Yes. Ralph Lauren’s earnings don’t look too appetizing.
And CMBX BB has been unwinding like a cheap suit.
Or Michael Scott’s suit.