Luxury retailer is getting decimated after announcing layoffs, store closings

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Ralph Lauren Aims for Retail Makeover

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.

Click through for the top retail brands of 2016:

Millennials' favorite retail brands
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Luxury retailer is getting decimated after announcing layoffs, store closings
24. Levi's

23. Calvin Klein

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22. Ralph Lauren

21. Michael Kors

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20. Walmart

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19. Macy's
18. Vans

17. Old Navy

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16. Converse

15. Adidas

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14. Gap

13. Under Armour

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12. Bath & Body Works

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11. Nordstrom

10. Target

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9. Urban Outfitters 
8. J.Crew
7. H&M

6. Sephora

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5. Lululemon

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4. Zara

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3. Forever 21

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2. Victoria's Secret

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1. Nike

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.

EXPLORE MORE: 10 books every new grad should read

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.

Now check out the best selling books on Amazon of the moment:

Best selling books on Amazon of 2016 so far
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Luxury retailer is getting decimated after announcing layoffs, store closings
Harry Potter and the Cursed Child - Parts One & Two by J.K. Rowling, John Tiffany & Jack Thorne, $17.99

StrengthsFinder 2.0 by Tom Rath, $15.29

The Life-Changing Magic of Tidying Up by Marie Kondo, $10.56
When Breath Becomes Air by Paul Kalanithi, $15.00
The Whole30: The 30-Day Guide to Total Health and Food Freedom by Melissa Hartwig & Dallas Hartwig, $18.00
How to Win Friends and Influence People by Dale Carnegie, $9.04

Mindset: The New Psychology of Success by Carol S. Dweck, $9.60

To Kill A Mockingbird by Harper Lee, $6.79

Me Before You by Jojo Moyes, $6.77
Oh, The Places You'll Go! by Dr. Seuss, $10.00

Calm the F*uck Down by Sasha O'Hara, $8.11

First 100 Words by Roger Priddy, $3.97
Between the World and Me by Ta-Nehisi Coates, $14.40

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

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