Ralph Lauren needs to start making money again, and CEO Stefan Larsson’s plan to do it includes restructuring in a move aimed at saving $220 million over the next year. It will mean closing at least 50 stores and cutting 8% of the full-time workforce, or about 1,000 employees, in order to create a leaner business that operates with fewer layers of management.

Larsson also wants to bring the brand more in line with today’s trends and better cater to what shoppers want, taking a page out of his time at fast-fashion brands Old Navy and H&M. He will reduce inventory and focus more on the company’s core brands. Larsson, who took over from founder Ralph Lauren in November, presented the details of the plan at an investor and analyst meeting Tuesday. CONTINUE