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Sears, Kmart parent company warns of 'substantial doubt' about its survival

FILE - In this Wednesday, Feb. 8, 2017, file photo, shoppers walk into a Sears store in Pittsburgh. Sears Holdings Corp. on Thursday, March 9, 2017, reported a loss of $607 million in its fiscal fourth quarter. (AP Photo/Gene J. Puskar, File)

Credit: Gene J. Puskar

Credit: Gene J. Puskar

FILE - In this Wednesday, Feb. 8, 2017, file photo, shoppers walk into a Sears store in Pittsburgh. Sears Holdings Corp. on Thursday, March 9, 2017, reported a loss of $607 million in its fiscal fourth quarter. (AP Photo/Gene J. Puskar, File)
By Michelle Ewing, Cox Media Group National Content Desk
March 22, 2017

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.

Explore>> Read more trending news

"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.

Explore>> Which Sears, Kmart stores will be closing? Here's a list

Read more here, here or here.

About the Author

Michelle Ewing, Cox Media Group National Content Desk
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