The violence unfolded at about 7:30 a.m. as a currency exchange in the 7100-block of South Wentworth Avenue was about to open, Chicago Police Deputy Chief Fred Melean said.
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A 58-year-old woman was opening the currency exchange when two armed people got out of a dark-colored SUV and announced a robbery.
The 60-year-old retired officer, who may have been working as a security guard, intervened. There was an exchange of gunfire between the retired officer and the suspects, police said.
Chicago police give update on retired officer wounded in shooting
The officer was struck multiple times, police said. He was transported to the University of Chicago Medical Center where he was listed in serious condition, Melean said.
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"The officer's actions are heroic," Melean said. "Even as a retired officer, he did his best and he did his job and he saved that person's life."
The currency exchange employee was not injured. It is not known if any of the suspects were injured.
Melean said they are looking for three suspects, with at least two of them armed.
Chicago Police releasing this new surveillance video of the suspects.
In the video you can see the two men get out of an SUV at a currency exchange.
Police say the suspects sped off in this gray Dodge Durango. It's not clear if any of them were hit by gunfire.
No one is in custody.
Anyone with information about the crime is asked to call Chicago police.