The lone remaining anchor store at Huntsville's struggling Madison Square Mall will close its doors in less than two months.

JCPenney will close on Jan. 28, 2017, the company said in a statement Monday to AL.com.

The announcement of JCPenney's closure is one of the final obstacles before razing the mall and work begins on the planned mixed-use development on the site of the largely abandoned mall that was once one of north Alabama's top shopping destinations.

The city of Huntsville has promised to invest $10-12 million in infrastructure for the Mid-City Huntsville development on the site of Madison Square Mall.

JCPenney said the store closing would affect about 120 employees JCPenney said it plans to assist employees with career training.

JCPenney said it has not announced any plans to open a new store in Huntsville.

Sears, another mall anchor, and the city announced last month plans for the store to close and open a smaller store within the Mid-City development.

The city of Huntsville has been in negotiation with JCPenney for several months regarding the Mid-City project.

"(JCPenney) has been in negotiations with the city of Huntsville for many months regarding the future of our location at Madison Square Mall," spokesman Joey Thomas said in an email to AL.com. "Given the city's plans for the shopping center, we have made the difficult decision to close our store. It's never easy taking actions that directly impact our valued associates and customers, but we feel this is a necessary business decision.

"Eligible associates will receive separation benefits, and we're offering the entire team an on-site career training class. The class will assist associates in writing resumes, filling out applications, answering interview questions and more."

Updated today, Dec. 5, 2016, at 11:27 p.m. with number of employees affected and no plans announced for a new store in Huntsville market.