Bedford resident Ralph Lauren is closing dozens of stores throughout the country, including his flagship Polo store on Fifth Avenue in the coming weeks.
Citing declining sales and increased pressure from e-commerce, on Tuesday, the company announced that it was shuttering the doors of several stores while it continues building a global e-commerce platform.
The 77-year-old Lauren will reportedly spend more than $350 million in restructuring costs, but will save $140 million by taking these measures, after announcing a plan last June to save more than $200 million by cutting its workforce.
Lauren ranks No. 281 on Forbes' list of world's richest people with a net worth of $5.5 billion. For more on that, click here.