After more than 10 years at the Natick Mall, the American Girl store will close on March 20. The company announced the news as being part of a cost-cutting move.

NATICK – The American Girl store at the Natick Mall, which has been in business for more than 10 years, is closing March 20, the company announced.

A company statement said a second store, at the Mall of America in Bloomington, Minnesota, will close on the same day, citing a need to trim costs.

“While decisions that impact our associates, our customers and the community are always difficult, the closures are a necessary step to improve the overall health of our business and reinvest in key areas of growth," said Wade Opland, vice president of retail, in the statement.

More than 70 full- and part-time employees at the Natick store are affected, the statement said. The company will offer "transition assistance" to eligible employees.

An email to the Natick Mall for comment was not immediately returned.

This is the second major tenant to leave the mall in less than a year. Sears closed soon after it filed for Chapter 11 bankruptcy protection in October.

The mall's American Girl store, which opened on Nov. 1, 2008, covers 22,000 square feet.

American Girl stores are known for dolls that represent historic periods. Each comes with a story book, clothing and accessories. The Natick store includes a café.

American Girl, a division of Mattel Inc., is based in Middletown, Wisconsin, and has 17 stores nationwide.

Parent company Mattel has experienced revenue declines for several years. Analysts expect it to report 2018 revenues next week of about $4.44 billion, down nearly a third from the $6.5 billion recorded five years earlier.

Mattel's stock closed Thursday at $11.84, down from more than $40 five years ago.

Check back at metrowestdailynews.com for more on this developing story.

Follow Henry Schwan on Twitter @henrymetrowest. He can be reached at hschwan@wickedlocal.com or 508-626-3964.