WILLIAMSPORT – The Williamsport Kmart store is on a list of stores to be sold, but it is not on a list of stores to close. Sears Holdings, Inc., which owns Kmart, filed for Chapter 11 bankruptcy last month. In recent documents filed in U. S. Bankruptcy court Sears proposed to sell 504 stores, including the store in the Loyal Plaza at 1915 E. Third Street in Loyalsock Township, to bidders by mid-December. Store operations will continue as usual.
The struggling 125-year-old retailer has reported more than $11 billion in losses since 2011. Sears has faced some opposition to its plan to sell stores from its creditors. The creditors argue that Sears would lose millions of dollars by pursuing the sale of the stores rather than winding down its businesses. As Sears prepares to sell stores, it is considering offers from liquidation firms.
The Williamsport Kmart is the last remaining Sears retailer in the area. In January of 2018, Sears at the Lycoming Mall in Pennsdale and Kmart in Shamokin Dam closed. Earlier this month, Sears announced they are closing 40 more stores, which includes Kmart stores in Hummelstown, Altoona and Carlisle in Pennsylvania.