Ralph Lauren is cutting jobs and closing stores. The luxury retailer is moving its e-commerce business to a cheaper and more efficient cloud platform. It plans to integrate its products from the Fifth Avenue store into the Ralph Lauren men’s and women’s flagship stores on Madison Avenue and other downtown locations.

Ralph Lauren, like other luxury brands, has been struggling as Americans spend less on apparel and accessories, resulting in falling sales in the last seven quarters. The company’s margins have also taken a knock as department stores discount heavily to get rid of excess inventory.

Ralph Lauren’s lower-end Polo and Lauren brands are facing competition from fast-fashion retailers such as H&M and Inditex’s Zara. Ralph Lauren expects to incur about $370 million in charges and save about $140 million from the new measures, which are part of a cost-cutting plan.

Fashion brand Ralph Lauren, that opened in 1967, is named after its founder. Ralph Lauren has also decided to stop working with the less profitable multi-brand stores: between 20 and 25 per cent of the label’s wholesale clients will not be served any longer. Apart from Polo, Ralph Lauren owns brands such as Chaps and Club Monaco.