Ralph Lauren closing stores as sales slump

In a bid to turn shrinking sales around, Ralph Lauren Corp. (NYSE: RL) is restructuring its production process and closing more than 50 stores.

The New York-based company declined to say which stores it would close. Ralph Lauren operates three Missouri locations in Branson, Osage Beach and Chesterfield.

With the stores also will go 1,000 employees – about 7 percent of the company’s total workforce.

Shares of Ralph Lauren Corp. are down about 30 percent over the last year, according to The Associated Press.

Read more from The Associated Press.