We were incorporated in June 1997 under the laws of the State of Delaware. All references to "Fiscal 2019" represent the 52-week fiscal year ended March 30, 2019. We also expect to close certain of our stores to improve overall profitability. The transaction is expected to close by the end of the first quarter of Fiscal 2022. Ralph Lauren Collection embodies the highest expression of chic, feminine glamour. Each piece is crafted with the greatest attention to detail. The complete world of Ralph Lauren Home can be explored online at RalphLaurenHome.com. Polo\'s signature aesthetic includes our renowned polo player logo. 9Polo Golf Ralph Lauren, Ralph Lauren Golf, and RLX Ralph Lauren Golf. During Fiscal 2021, we opened 24 new Ralph Lauren stores and closed 11 stores. Our Club Monaco stores range in size from approximately 1,200 to 17,200 square feet. We generally ship these products within two to five days of order receipt. Our licensing business has been aggregated with other non-reportable segments. Except as noted in the table, these product licenses cover North America only. Working capital requirements vary throughout the year. We also conduct a variety of public relations activities. We source both finished products and raw materials. Raw materials include fabric, buttons, and other trim. We also must commit to the purchase of fabric from mills well in advance of our sales. All products are produced according to our specifications and standards. We are continually improving and upgrading our computer systems and software. We also provide our employees a merchandise 23discount on most of our products. Smith has served as our Chief Commercial Officer since April 2019. Our business is exposed to domestic and foreign currency fluctuations. Any of these outcomes could have a material adverse effect on our business. However, significant counterfeiting and imitation of our products continue to exist. "32Our business could suffer if we need to replace manufacturers or distribution centers. We compete with other companies for the production capacity of our manufacturers. None of the manufacturers we use produce our products exclusively. We typically do not enter into long-term agreements with our customers. See Item 1 — "Business — Our Licensing Business. At any given time, multiple tax years are subject to audit by various taxing authorities. Any of these events, in turn, could have a material adverse effect on our business. Our discussion also includes reference to comparable store sales. On a constant currency basis, net revenues decreased by $1.840 billion, or 29.9%. Selling, General, and Administrative Expenses. Income Tax Benefit (Provision). See Note 10 to the accompanying consolidated financial statements. Net Cash Provided by (Used in) Investing Activities. During Fiscal 2021, we generated $380.9 million of net cash flows from our operations. However, the Indenture does not contain any financial covenants. The Pan-Asia Borrowing Facilities do not contain any financial covenants. We believe that the following list represents our critical accounting policies. We review and refine these estimates on a quarterly basis. No stock options were granted during any of the fiscal years presented. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. The Company classifies such investments as available-for-sale. 2016-13, "Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"). These p
