I found two artices regarding this from the Tribune and Crain's. They no doubt bout say the same thing, but this particular store designed by I believe Louis Sullivan is to close in March.
Because according the the CEO of Bon-Ton Stores, INC. the operating costs for this store are significantly higher than the average operating costs for the company's other stores. Of course it doesn't help that the building's owners are giving the company incentive payments to leave.
Of course it has been reiterated that there will be no other closings in the Chicago area. In fact Bon-Ton is looking for sites on either the north or south sides of the city.
Carson's State Street store closing from Chicago Tribune
Carson Pirie Scott's State Street store to close from Crain's