Retail giant Macy's announced it will close an iconic California retail store that had been an anchor of its community for decades.

It was initially reported by BusinessOfFashion.com that least 200 Forever 21 locations would close as the company was preparing to file for bankruptcy. At that time, it was believed that the chain may be able to find a buyer for the remained of its stores.

As part of its "Bold New Chapter" plan, the iconic American department store chain Macy's is scheduled to shut down 150 sites in the next two years. Dealing with falling sales and changing customer habits,