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Sears To Close Flagship State Street Store

CHICAGO (CBS) -- Sears' flagship store on State Street will close in April, the company announced Tuesday.

Until then, the store at 2 N. State St. will remain open for customers. The store will begin its liquidation sale on Jan. 26.

"The store has lost millions of dollars since opening and we can no longer continue to support the store's operating losses," the company said in a statement. "The State Street store's operational performance has been poor through much of its existence."

The store has 160 employees. Eligible associates will receive severance and have the opportunity to apply for open positions at area Sears or Kmart stores.

Sears Holdings will continue to occupy the fourth floor of the 2 N. State Street building, where its online and information technology business units are located.

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