This past Tuesday, Ralph Lauren made a surprising announcement. It was revealed by the luxury fashion company that they intend to close its high-profile Polo store, located on Fifth Ave in New York City, merely three years after the flagship store opened its doors.

Leaving loyal customers heartbroken by the brand’s departure from this iconic location in the Big Apple, the closure is set to take place later this month. The decision is part of the company’s plan to decrease its annual spending by $140 million–it seems like times are pretty tough for everyone at the moment.

The company divulged that, as part of this same plan, the brand has the intention of closing other stores in addition to cutting jobs and closing some of its corporate offices.

A major reason for Ralph Lauren’s current financial strife is the widespread use of online shopping to circumnavigate shopping in person at malls and department stores. This is likely why the brand has recently been faced with such upsetting sales performances at these locations.

The Fifth Ave. Ralph Lauren store that is set to close its door in the very near future is a three story building and opened in late 2014. The location was meant to be a home store for Ralph Lauren’s Polo brand clothing.

The company, however, has not specified the exact date when the store is set to close its doors.

Featured Image via Wikipedia.