NEW YORK, NY - APRIL 04: People walk by Ralph Lauren's Fifth Avenue Polo store on April 4, 2017 in New York City. The luxury brand announced on Tuesday that it will close the exclusive location, just doors down from Trump Tower. The iconic clothing company has struggled financially as more shoppers migrate to online shopping among other consumer challenges. (Photo by Spencer Platt/Getty Images)
Beth Sawicki, Rare.us
Ralph Lauren announced Tuesday it will soon close its flagship Polo store on Fifth Avenue in New York City.
Now, it’s facing a $370 million shakeup and shares that have fallen more than 14 percent since the beginning of the week.
The company is among many affected by Americans’ decisions to shop online and avoid traditionally pricey brands. Earlier this week, Bebe announced it will close all its stores and move to online-only sales. The Limited also closed all its stores, and many department stores, including Macy’s, Sears, and J.C. Penney, are facing hard times and shuttering mall locations nationwide.