We are happy to report that those rumors are baseless, according to the CTA. The terra cotta facade of the building will be back, better than ever after a cleaning and restoration. It will surround support pillars for the new L.
The CTA's Media Relations Department responded to our email, saying:
"During the preconstruction phase of the Wilson project (October 2014 – Spring 2015), crews deconstructed the Majestic Men’s Wear building. The terra cotta façade of the Majestic store will be restored in a future phase when the project nears completion. The eventual restoration of the façade has been and will continue to be part of the historic Wilson Station Reconstruction Project.
For more info on the project you can check out our website here: http://www.transitchicago.com/wilson/"