Ralph Lauren Corp (NYSE:RL) announced that the company will be cutting jobs and closing one of its iconic stores.

It’s been a rocky time for the company as profits and sales have been on the decline due to the fact that demand has lowered for its top-end products. As a result of this decline, the company will save $370 million by closing certain stores and reducing its workforce.

The restructuring plan will see Ralph Lauren close its flagship Polo store in New York City’s Fifth Avenue, which was a hotspot for luxury apparel for decades. The move comes soon after the February departure of CEO Stefan Larsson.

It is unclear how many jobs will be eliminated by the company, as well as how much in savings will the company be able to acquire thanks to the job cuts and store closure.

Ralph Lauren is also switching up its digital operations to a platform that is run by Salesforce.com, Inc.’s (NYSE:CRM) Commerce Cloud, according to a statement by the company Tuesday. The retailer will be streamlining its organization and closing offices and stores.

The restructuring plan is part of the company’s Way Forward Plan that’s been around since last June. At least 1,000 jobs have been eliminated and 50 stores have been closed.

RL stock is down 4.7% Tuesday.