Sears Holding (SHLD), the parent company for Sears and Kmart, filed for Chapter 11 bankruptcy Monday.
Two local stores are closing, including the Kmart in Altoona and the Sears in DuBois. The Sears in Altoona is not slated to close.
The 132-year-old company has had financial issues over the past few years and has major debts. The company was unable to pay a $134 million debt payment due Monday.
Dozens of major retailers have been struggling due to Amazon’s growth.