Macy's has cut business ties with 2016 Republican presidential candidate and real estate mogul Donald Trump.

The department store announced early Wednesday that it has decided to sever its ties with Trump after his remarks against Mexicans during his presidential announcement last month. Here is Macy's full statement to CNN:

According to CNN, all Trump merchandise will be phased out and will be having a clearance special on all of his merchandise in stores. Macy's carries a variety of Trump's brand attire such as neckties, dress skirts and cuff links. They have been carrying Trump's brand attire since 2004.

Last week, a MoveOn.org petition circulated online asking Macy's to cut business ties with Trump. So far the petition has collected over 700,000 signatures.

Angelo Carusone, leader of the Dump Trump effort and creator of the MoveOn.org petition urging Macy's to drop Donald Trump, issued the following statement about Macy's decision to dump Trump:

"In the last few days, Donald Trump has demonstrated what participants in the Dump Trump effort have been warning Macy's about for years -- that Donald Trump's brand of bigoted bullying is simply bad for business. After more than three years of allowing Donald Trump's toxic brand to turn off thousands of customers and damage their own reputation, Macy's has finally made the right decision to stop investing in and supporting Donald Trump. Onward!"

Macy's isn't the only company to cut ties with Trump. Last week, Univision decided to end its business relationship with Trump by cancelling its telecast of the Miss USA pageant. Trump announced that he is suing Univision for $500 million, claiming that Univision is attempting to suppress his freedom of speech.

NBC Universal also announced that it has cut its business ties with Trump. NBC Universal jointly owned the Miss USA pageant and Miss Universe pageant with Trump.

Trump has been in the news after his controversial remarks towards Mexicans. During his announcement for president, Trump referred to immigrants from Mexico and other countries as "drug dealers and rapists."

Check out the full announcement of his candidacy here: