This story has been updated

HYANNIS — It’s time to say goodbye to Sears at the Cape Cod Mall.

The retail giant is set to close its location on Route 132, according to Rick Williams in the mall’s management office.

A Sears employee confirmed the Cape store will be closing its doors for good on Dec. 9. The Sears Auto Center in the parking lot east of the main mall building permanently closed on Saturday, according to another employee.

Big yellow signs declaring “Everything Must Go” and “Store Closing” adorned the outside of the anchor tenant’s spot at the east end of the mall on Friday afternoon.

Inside, sales are already underway. Customers wandered around, looking for deals. Sales included clothes and select appliances at 40 percent off, and outdoor furniture that is currently half off.

In need of a new mattress? You can snag a floor model for 70 percent off its original price.

While Sears in Hyannis may be going to bed, a well-known business is scheduled to set up shop in the same location.

Target is expected to move in to Sears’ space in 2019, according to a statement by the popular retailer.

Sears’ exit from the Cape and the arrival of the big red bull’s-eye has been looming for some time.

According to documents filed with the town earlier this year, the mall plans to divide the 123,500-square-foot Sears space into two units, one measuring about 77,450 square feet and the other 46,050 square feet. The unnamed tenants in the plan were referred to only as “Red Tenant” and “Green Tenant.”

The “Red Tenant” has since been identified as Target, but the “Green Tenant” remains a mystery.

A Sears representative had previously told the Times it had been considering smaller-format stores at multiple locations, including at the mall. A Sears spokesman did not respond to a request for more information.

Sears’ closure will mark the end of an era on the Cape, said Wendy Northcross, CEO at the Cape Cod Chamber of Commerce.

“Sears has been an anchor tenant at the mall pretty much since the beginning,” she said. “I believe the new retail mix being proposed for the same site is going to be appealing to the local community, but like many businesses right now, retail is changing quickly in the U.S. and Cape Cod is not immune to these national trends.”

The mall Target will be a small-format store compared with some of its bigger locations elsewhere. It will be the chain’s 47th store in Massachusetts.

Sears, meanwhile, continues to close stores across the country.

Plagued by falling sales and heavy debt, Sears filed for Chapter 11 bankruptcy reorganization Monday and announced plans to close 142 of its 700-plus remaining stores and eliminate thousands of jobs in a bid to stay afloat, if only for a while.

— Follow Jason Savio on Twitter: @JasonSavioCCT. Material from the Associated Press was used in this report.