Ralph Lauren closing Fifth Avenue Polo store, cutting staff

Ralph Lauren Corp. is closing its Polo store on Fifth Avenue in New York and reducing its corporate workforce.

The moves are part of the company's "Way Forward Plan," which was introduced by former chief executive officer Stefan Larsson last year.

Ralph Lauren will also move its current digital operation to a less expensive and more flexible digital platform.

See photos from the Spring 2017 show that took place at the Madison Avenue location:

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NYFW: Ralph Lauren Spring 2017 Ready-to-Wear
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NYFW: Ralph Lauren Spring 2017 Ready-to-Wear

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Victor VIRGILE/Gamma-Rapho via Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Victor VIRGILE/Gamma-Rapho via Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Victor VIRGILE/Gamma-Rapho via Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Victor VIRGILE/Gamma-Rapho via Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Victor VIRGILE/Gamma-Rapho via Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Victor VIRGILE/Gamma-Rapho via Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Victor VIRGILE/Gamma-Rapho via Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Victor VIRGILE/Gamma-Rapho via Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Catwalking/Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Catwalking/Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Catwalking/Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Catwalking/Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Catwalking/Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Catwalking/Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Catwalking/Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Catwalking/Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Catwalking/Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Catwalking/Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Victor VIRGILE/Gamma-Rapho via Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Victor VIRGILE/Gamma-Rapho via Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Victor VIRGILE/Gamma-Rapho via Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Victor VIRGILE/Gamma-Rapho via Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Victor VIRGILE/Gamma-Rapho via Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Victor VIRGILE/Gamma-Rapho via Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Edward James/WireImage)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Edward James/WireImage)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Victor VIRGILE/Gamma-Rapho via Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Victor VIRGILE/Gamma-Rapho via Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by ANGELA WEISS/AFP/Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by ANGELA WEISS/AFP/Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Edward James/WireImage)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Victor VIRGILE/Gamma-Rapho via Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Catwalking/Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Catwalking/Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Catwalking/Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by Catwalking/Getty Images)

Ralph Lauren Ready-to-Wear Fall/Winter 2017-2018 Fashion Show

(Photo by ANGELA WEISS/AFP/Getty Images)

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The company said it expects these moves to be wrapped up by the end of March 2018 and to result in annual cost savings of about $140 million. However, the restructuring moves will cost the company about $370 million initially.

Meanwhile, Ralph Lauren will continue to "explore new retail concepts, including Ralph's Coffee, and develop new store formats that connect the brand to loyal and new customers," the company said.

"These are important actions we are taking to continue our evolution and deliver on the Way Forward commitments we made in June," said Jane Nielsen, chief financial officer. "We are looking carefully at the way consumers are shopping online and believe that shifting to the [new digital] platform will allow us to create a best-in-class solution more efficiently in all of our markets around the world."

RELATED: Retailers closing stores in 2017

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Retailers closing stores in 2017
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