Ralph Lauren

Ralph Lauren to shut down Fifth Avenue Polo store

Ralph Lauren Corp. said Tuesday that it is shuttering its high-profile Polo store on New York's Fifth Avenue, less than three years after opening it.

The closure, which will happen later this month, is part of the New York fashion company's plan to save $140 million annually. The company said it will close other stores, cut jobs and shut some corporate offices, but did not provide details.

The company is trying to turn its business around in the face of falling revenue. Like other traditional brands, Ralph Lauren has been hurt by sluggish performance at major department stores as shoppers increasingly skip the mall and shop online.

CEO Stefan Larsson, who was hired...