It happened on 95th Street, right across from Advocate Christ Medical Center.
The co-owner of Reichman Jewelers told ABC7 that it was his partner, another co-owner, who was shot during this armed robbery.
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Police say three masked suspects came in with guns but when the armed security guard tried to go for his gun, the men quickly disarmed him.
Then then started taking jewelry.
The business partner then came from the back of the store, but when he went for his weapon, he was shot in his upper chest and wrist, the co-owner said.
Police said the suspects then took off this silver 4-door sedan, speeding off westbound through the back alley.
One man had on a dark hoodie and another man had on a white t-shirt, according to police. At this time, there's no description of what the third offender was wearing.
The co-owner shot is said to be in critical condition, but is speaking and is expected to survive.
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No arrests have been made.
Anyone with information on the whereabouts of these three suspects are asked to call police.