Luxury retailer is getting decimated after announcing layoffs, store closings

Ralph Lauren shares fell 9% in premarket trading on Tuesday after the company announced job cuts, store closings, and a forecast for lower revenues.

In a statement, the luxury-fashion retailer said it expected a low-double-digit decline in fiscal-2017 net revenues because of the closings, which come as fewer people shop at many traditional brick-and-mortar retailers.

The Wall Street Journal earlier reported that the company planned to lay off up to 1,000 workers, or about 8% of its full-time staff.

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It's part of a string of initiatives by CEO Stefan Larsson, who assumed the position in September and will disclose a new corporate strategy to investors later Tuesday.

Larsson told The Journal that the company would refocus on its core brands Ralph Lauren, Lauren, and Polo.

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Ralph Lauren expects annualized savings of $180 million to $220 million because of these downsizing moves and anticipates restructuring charges of up to $400 million.

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SEE ALSO: From dirt poor to billionaire — the incredible rags-to-riches story of fashion legend Ralph Lauren