Macy's Inc. plans to close its Collin Creek Mall location before the end of the year, displacing 103 employees at the Plano location, the large department store chain announced Wednesday.

The Plano store is one of 68 locations around the country that Macy's announced it will close by mid-2017, according to a company statement. The closures were announced as the company continues to see "declining traffic" in stores, where a majority of the company's business is transacted, said Terry J. Lundgren, chairman and CEO of Macy's.

On top of the 68 closures announced Wednesday, the company plans to close an additional 30 stores after this year.

"Our plan to close approximately 100 stores over the next few years is an important part of our strategy to help us right-size our physical footprint as we expand our digital reach," Lundgren said in the statement. "We are closing locations that are unproductive or are no longer robust shopping destinations due to changes in the local retail shopping landscape as well as monetizing locations with highly valued real estate."

The retail giant, which operates 730 stores, expects the closures to displace 3,900 employees. Some of these employees will be eligible for severance benefits, and others could be hired at other Macy's locations, according to the statement.

In addition to the store closures, Macy's plans to restructure its operations and create value from its remaining real estate portfolio. The company expects the measures to save roughly $550 million per year in expenses, according to the statement.

A spokesperson for Collin Creek Mall did not immediately respond Wednesday afternoon to a request for comment.