The parent company of Sears, once the nation's largest retailer, issued a somber warning Tuesday about its survival.
According to USA Today, Sears Holdings, which also owns Kmart, broke the news in an annual report filed with the Security and Exchange Commission.
"Our historical operating results indicate substantial doubt exists related to the company's ability to continue as a going concern," the company said.
According to The New York Times, Sears Holdings lost $2.2 billion last year. Sears reported a 9.3 percent decline in sales, while Kmart's sales dropped 7.4 percent, Fortune reported.
Earlier this year, Sears Holdings said it would shutter 150 Sears and Kmart stores in 40 states.
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