Sears has "substantial doubt" about its future
NEWARK - Sears, once the monolith of American retail, says that there is "substantial doubt" that it will be able to keep its doors open.
Company shares, which hit an all-time low last month, tumbled more than 5 percent before the opening bell Wednesday.
Chairman and CEO Edward Lampert's hedge fund has forwarded millions in funding to keep Sears afloat but with sales fading, it is burning through cash.
According 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.
Sears, 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 in funding.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Residents gather to help high crime rate community
Body of dentist found after deadly False River boating crash: 2 killed,...
Waffle House shooting leaves teen dead, 2 others hurt in Ascension
Raging car fire caught on video at Siegen Lane intersection
Coast Guard rescues 7 people, dog from burning boat in gulf
Southern baseball wins game one 21-2 over Alcorn
VIDEO: Former Saints and Tiger Devery Henderson talks about the difference between...
New NCAA rules tweak opens door for more SEC dominance
VIDEO: Devery Henderson Talk about Bluegrass Miracle and the Saints "Rebirth game"
VIDEO: Former Tigers and Saints receiver Devery Henderson talks with Corey Rholdon...