Sears Holdings Corp. plans to close its flagship location in Chicago in early April, Crain's Chicago Business is reporting.
Sears will begin liquidating merchandise at the store, which is located at 2 N. State St., on Jan. 26, a spokesman for retailer said in an email to Crain's.
"These decisions are never easy," the company said in a statement to ABC Chicago. "But the store has lost millions of dollars since opening and we can no longer continue to support the store's operating losses."
About 160 hourly employees work at the 13-year-old store, some of whom will qualify for severance. They will have the opportunity to apply for open jobs at other Sears or Kmart stores, according to the company's statement.
Sears has been selling stores and leases to raise cash amid declining revenues. The company announced a plan in 2012 to close 120 Sears and Kmart stores.
The struggling department store reported quarter-to-date comparable store sales declines of 7.4% earlier this month. Year-to-date sales are down 3.9%.
SEE ALSO: Sears Once Ruled The World From This Decaying Office Tower In Chicago