Sears in Buffalo Mall, Jamestown
N.J. (AP) - Sears, once the monolith of American retail, says that
there is "substantial doubt" that it will be able to keep
its doors open.
shares, which hit an all-time low last month, tumbled more than 5
percent before the opening bell Wednesday.
and CEO Edward Lampert's hedge fund has forwarded millions in funding
to keep Sears afloat but with sales fading, it is burning through
to its most recent regulatory filing late Tuesday, Sears Holdings
Corp. lost more than $2 billion last year. Adjusted for one-time
charges, its loss was $887 million.
which employs 140,000 people, has been selling assets like its
Craftsman tool brand. But it says its pension agreements may prevent
the spin-off of more businesses, potentially leading to a shortfall