As the dismal, jobless Obama economy continues, clothing retailer Ralph Lauren has announced a major scaling back of its U. S. operations, with the loss of one thousand jobs and the closure of 50 stores.
As USA Today reports, Ralph Lauren CEO Stefan Larsson, who only recently replaced the company’s founder as CEO, announced the move as part of his restructuring plan aimed at saving $220 million over the next year.
‘The business has struggled over the last three years,’ the CEO said. ‘We have to do a better job to give the consumer something really exciting.’
The plan comes on the heels of a troubled past fiscal year where profits fell by 22 percent as the stock fell almost 48 percent from its December high point of $182.74 a share.
This post was published at David Stockmans Contra Corner on June 8, 2016.
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