[NYPOST] Ralph Lauren is the latest retailer to announce cuts in stores and layoffs.The fashion icon will be shedding jobs and closing stores as part of its new turnaround plan, the details of which will be unveiled on Tuesday when the company’s chief executive, Stefan Larsson, speaks with analysts.
About 50 stores -- mostly full-price locations -- and 8 percent of the company’s 15,000 full-time employees will be eliminated, according to sources familiar with the plan. The downsizing was first reported by WWD.
Larsson, who hails from Old Navy and H&M, was brought in eight months ago by Ralph -- who remains closely involved as chief creative officer and executive chairman -- to revamp the company amid sagging sales and weak returns. Revenues in the last quarter were flat, but profits exceeded analysts’ estimates.