2 Bucks Co. Sears Stores To Close

Thirteen Sears and Kmart stores in Pennsylvania will close as the struggling 125-year-old retailer announced Monday it has filed for Chapter 11 bankruptcy. In total, 142 Sears and Kmart stores nationwide will close as a result.

The Oxford Valley Mall Sears is among those slated to close, as well as the location in the Neshaminy Mall, according to court documents filed Monday. (See full list of newest closures below)

The announcement came the same day a $134 million debt payment was due from the chain. Sears Holdings, the parent company of Sears as well as Kmart, made the filing in federal court in New York.

The retailer, which has been forced to close hundreds of stores in recent months, said it will close unprofitable locations near the end of the year. Those closings are in addition to 46 locations that were already set to close by the end of November.

The company is seeking a buyer for the majority of its remaining stores but said locations will remain open for the holiday shopping season. CEO Edward S. Lampert will also step down effective immediately, the company announced, but will remain chairman.

Mohsin Meghji, managing partner of M-III Partners, has been named Sears Holdings' chief restructuring officer, and an independent restructuring committee has been formed.

"Over the last several years, we have worked hard to transform our business and unlock the value of our assets," said Lampert said in a statement issued early Monday. "While we have made progress, the plan has yet to deliver the results we have desired, and addressing the Company's immediate liquidity needs has impacted our efforts to become a profitable and more competitive retailer.

"As we look toward the holiday season, Sears and Kmart stores remain open for business and our dedicated associates look forward to serving our members and customers," Lampert added.

Sears, which last year sold off its famous Craftsman brand, has about 700 remaining stores and 68,000 employees —down from the 1,000 stores and 89,000 workers it had in early 2018, according to CNN.

The following Pennsylvania stores are closing:

KMART:

Altoona: 528 W Plank Road
Allentown: 1502 South Fourth St
Carlisle: 1180 Walnut Bottom Rd
Hummelstown: 1170 Mae Street
Matamoras: 111 Hulst Dr, Ste 722
New Kensington: 100 Tarentum Rd
Phoenixville: 1000 Nutt Rd
Pleasant Hills: 720 Clairton Blvd/Rte 51
Thorndale: 3205 Lincoln Hwy

SEARS

Dubois: 5522 Shaffer Rd Ste 129
Bensalem: 100 Neshaminy Mall
Langhorne: 2300 E Lincoln Hwy Langhrn /Oxford Vly
Pittsburgh: 880 Butler Street

Photo: A sign announcing the store will be closing hangs above a Sears store on August 24, 2017 in Chicago, Illinois. (Photo by Scott Olson/Getty Images)