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.

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“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.”

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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.

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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.