Ralph Lauren 5th Avenue Store To Close This Weekend

MIDTOWN MANHATTAN, NY — The Polo Ralph Lauren store at 711 Fifth Avenue, between East 55th and 56th streets, will close its doors this weekend.

Saturday, April 15, will be the last day the designer brand store located in one of the city's prime retail real estate locations will be open, according to files submitted with the New York State Department of Labor.

The reason for the store's closing was listed as "economic," according to the Department of Labor. The closing is part of Ralph Lauren's strategic "Way Forward Plan" announced last June. The plan is a reevaluation of Ralph Lauren's retail strategies to adapt to the changing market.

"We have assessed every value-creating component of the Company and, with our Way Forward Plan, we will build on our strengths, refocusing on our core brands and instilling a financial discipline that is highly focused on return on investment,” Stefan Larsson, president and CEO of Ralph Lauren said last year in a statement.

The closing brings bad news for the 125 employees working at the retail store. Ralph Lauren will attempt to reassign workers at the 711 Fifth Avenue stores to nearby locations, but there cold be layoffs. The paperwork filed with the State Department of Labor suggests that all 125 of the employees are at risk of being laid off.

Photo by Google Maps street view