The restaurant first opened its doors on State Street in 1978, and now welcomes guests to more than 66 worldwide locations, according to its website.
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The company said the COVID-19 pandemic and bans on indoor dining are to blame for it shutting its doors on the Near North Side.
Morton's will work to relocate employees.
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Chicago restaurant owners are trying to extend outdoor dining as temperatures drop, but a group of them is asking Mayor Lori Lightfoot to reopen indoor dining in the city, even as COVID-19 cases surge.
"It's time for the city to stop scapegoating restaurants for the virus," said Roger Romanelli, with the Fulton Market Association.