(RNN) - In a move that heralds the end of an era, Sears is closing its Six Corners store, the retailer's last department store remaining in the Chicago area, the Chicago Tribune reported.
Sears told employees at the store on Thursday. According to CBS Chicago, the store at Six Corners has been open for 80 years.
The retailer, which is now headquartered in Hoffman Estates, IL, has fallen on hard times, and has been shedding stores, employees and brands.
Sears sold its tradmark Craftsman brand to Stanley, Black and Decker for about $900 million in 2017, Popular Mechanics reported.
Its shares have fallen 73 percent in the past 12 months, Barrons reported.
Sears, which merged with Kmart in 2005, has suffered from plunging revenue.
Standards and Poors, a credit rating agency, said Sears Holding is in danger of defaulting on its massive debt and downgraded its status to junk in January and may lower it further as the company seeks to delay debt repayment, CNN reported.
Sears Holdings owed $4.4 billion as of Oct. 28.
"For more than 120 years, Sears has called Illinois home and that is not changing," company spokesman Howard Riefs said in an emailed statement. "Although we are disappointed by this last store closure in Chicago, by no means does this change our commitment to our customers and presence to Chicago’s residents."
Sears has had a retail presence in Chicago since 1887, when it opened its first Chicago location, the company said. Sears became the largest retailer in the world.
The Sears Tower was the tallest building in the world until 1998. Currently, it's the largest in the Western Hemisphere. Sears moved out of the building in and in 2009, the skyscraper was renamed the Willis Tower.
This #Sears has stood at Chicago's Six Corners for 80 years. It's the last Sears in the city. Company announced it will close this summer, and with it, lots of old memories. @cbschicago pic.twitter.com/ssW5RXqqJr— Dana Kozlov (@DanaCBS2) April 13, 2018
Chicagoans waxed nostagic about the Sears stores on Twitter:
Sears is closing its last Chicago store. Sears at Six Corners is where we went for school clothes. My first job out of high school was in the credit department of Sears on State Street. #FlashbackFriday— EarthIsBurning (@Earthgranny) April 13, 2018
Copyright 2018 Raycom News Network. All rights reserved.