An iconic American brand is closing its flagship store and making some major changes

It seems like no brand is immune from recent tough times for traditional retailers. Ralph Lauren announced Tuesday it will soon close its flagship Polo store on Fifth Avenue in New York City.

The closure, which will happen Apr. 15, is part of a restructuring plan designed to save the company $140 million a year, according to CNBC. In addition to shuttering more than 50 stores, it will also trim its workforce by eight percent, but would not say exactly how many jobs will be eliminated.

After closing the flagship location, Ralph Lauren will still have seven stores and its Polo Bar Restaurant in New York City. A company spokesperson said the retailer plans to test new concepts, including the Ralph’s Coffee brand. It will also invest more resources in its e-commerce venture and streamline its organization.

RELATED: Payless ShoeSource files for bankruptcy and announces the closure of hundreds of locations

Last year, Ralph Lauren made headlines for designing Team USA’s parade uniforms for the 2016 Rio Olympics. Now, it’s facing a $370 million shakeup and shares that have fallen more than 14 percent since the beginning of the week.

And it’s far from the first apparel company affected by Americans’ decisions to shop online and avoid traditionally pricey brands. Earlier this week, Bebe announced it will close all its stores and move to online-only sales. The Limited also closed all its stores, and many department stores — including Macy’s, Sears, and JCPenney — are facing notoriously hard times and shuttering mall locations nationwide.

(H/T: Bloomberg)