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.
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