The parent company of Kmart stores will close its first Hawaii location, at 500 N. Nimitz Highway, in late March, with a liquidation sale beginning Thursday.

Parent company Sears Holdings Corp. recently sold the store to Seritage Growth Properties as part of an agreement in which Sears leases the store from Seritage.

Seritage “contractually has the right to terminate our store’s lease early. Seritage informed us that they will be exercising that right and hence we will be closing the store,” company spokesman Howard Riefs said in an email.

The Iwilei store opened in 1992 and has 141 employees, most of them part-time, hourly workers. Eligible associates will receive severance pay and have the opportunity to apply for positions at Sears or other Kmart stores, he said.

Customers with items on layaway may pay off their contracts early or transfer their contracts to another store location or to Kmart’s online operations, he said.