Macy's to Leave Water Tower Place on Michigan Avenue

Macy's is also shutting down over 40 more locations nationwide

Macy's announced Tuesday the company will close its storefront in Water Tower Place on Michigan Avenue.

"After careful consideration, Macy’s has decided to close our Water Tower Place location. This closure is part of the company’s strategy to right-size its store fleet, announced in early 2020," Macy's said in a statement.

Macy's said the company contacted store associates Tuesday morning concerning the closure. Workers who were unable to be placed at a nearby Macy's store will be eliable for severance, the company added.

Macy's announced a clearance sale will begin this January and will run for about eight to 12 weeks.

Chicago's State Street Macy's location, along with storefronts in Old Orchard, Oakbrook, Woodfield, Orland Park and Hawthorn Court, will remain open, the company said.

Macy's announced the company will close 45 of its department stores by the middle of this year, CNBC has learned.

The closures are part of a previously announced plan by Macy's to shut 125 locations by 2023, which the retailer outlined last February.

"As previously announced, Macy's is committed to rightsizing our store fleet by concentrating our existing retail locations in desirable and well-trafficked A and B malls," a spokeswoman told CNBC in a statement.

"To that end, we announced several store closures today that align to the guidance we provided in February 2020," she said. "These closures bring us closer to achieving the right mix of mall-based stores."

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