CHICAGO (CBS Chicago/CBS News) -- After 45 years on the Magnificent Mile under its current name and that of its predecessor, Marshall Field's, Macy's is closing its store in Water Tower Place, as part of a downsizing announced last year.
Macy's spokeswoman Andrea Schwartz said the decision to close the Water Tower Place location was part of the company's plan -- announced last year -- to review its stores and close 125 locations over three years.
"The decision to close a store is always a difficult one, and Macy's Water Tower Place has been honored to serve its customers on the Magnificent Mile for 45 years," Schwartz wrote in an email.
A clearance sale at the nine-story department store will begin later this month and run for approximately 8 to 12 weeks.
Regular non-seasonal employees who can't be transferred to another store will be eligible for severance, including career transition services.
Macy's will continue to operate its flagship store on State Street, as well as several suburban locations including at Old Orchard Shopping Center in Skokie, at Oakbrook Center in Oak Brook, at Woodfield Mall in Schaumburg, at Orland Square Mall in Orland Park, and at Hawthorn Mall in Vernon Hills.
Macy's presence at Water Tower Place dates back to the mall's opening in 1976, when the store first operated as a Marshall Field's location. Macy's acquired Marshall Field in 2005.
Altogether, Macy's will close another 45 stores this year as part of a three-year plan aimed at keeping the department store chain profitable, CBS News reported.
A company spokesperson said Tuesday that Macy's is "committed to rightsizing our store fleet" by focusing on high trafficked locations within malls.
"To that end, we announced several store closures today that align to the guidance we provided in February 2020," the company said. "These closures bring us closer to achieving the right mix of mall-based stores."
Also From CBS Chicago:
- 23-Year-Old Man Fatally Shot In His Apartment In Englewood
- Demonstrators Accuse Aurora Store Of Racial Profiling With Rule About Taking Mask Down When Buying Age-Restricted Products; Manager Says It's Not So
- Off-Duty Chicago Police Officer Carjacked In Calumet Heights
for more features.