The iconic Tiffany & Co. flagship store on Manhattan’s Fifth Avenue caught fire on Thursday morning due to an underground transformer malfunction, NBC News reports. “This morning prior to store opening hours, an electrical fire broke out in the basement on the periphery of the Tiffany Landmark on Fifth Avenue in New York City,” a Tiffany & Co. spokesperson told NBC. “The fire has since been put out and we are working with the New York Fire Department to take precautionary measures to ensure the safety of our employees and clients. The store is expected to open later today following inspection by the Fire Marshall.”