The Nittany Mall is losing one its anchor stores.
Sears Holdings announced on Thursday that it will close 18 Sears stores and 45 Kmarts around the country. The Sears at the Nittany Mall in College Township is among them.
A company statement said associates were informed on Thursday that the stores would close in late January 2018.
‘Sears Holdings continues its strategic assessment of the productivity of our Kmart and Sears store base and will continue to right size our store footprint in number and size,’ the statement said. ‘In the process, as previously announced we will continue to close some unprofitable stores as we transform our business model so that our physical store footprint and our digital capabilities match the needs and preferences of our members.’
The company has announced closures of nearly 300 Sears and Kmart stores this year as its financial struggles continue. It hasn’t turned a profit since 2010 and last year reported losses of more than $2 billion. In its annual report in March, Sears Holdings said ‘substantial doubt exists related to the company’s ability to continue as a going concern.’
Liquidation sales at the closing stores will begin on Nov. 9, according to the company’s statements. Eligible associates will receive severance.
Sears opened in the Nittany Mall in the early 1970s as part of the mall’s first expansion. It moved to its current location at the mall’s east end in 1990.
