Ralph Lauren shares fell 9% in premarket trading on Tuesday after the company announced job cuts, store closings, and a forecast for lower revenues.

In a statement, the luxury-fashion retailer said it expected a low-double-digit decline in fiscal-2017 net revenues because of the closings, which come as fewer people shop at many traditional brick-and-mortar retailers.

The Wall Street Journal earlier reported that the company planned to lay off up to 1,000 workers, or about 8% of its full-time staff.

It's part of a string of initiatives by CEO Stefan Larsson, who assumed the position in September and will disclose a new corporate strategy to investors later Tuesday.

According to Bloomberg, the company's strategy includes closing more than 50 stores and focusing on its core brands Ralph Lauren, Lauren, and Polo.

Ralph Lauren expects annualized savings of $180 million to $220 million because of these downsizing moves and anticipates restructuring charges of up to $400 million.

This story first appeared on Business Insider