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Posted: March 22, 2017

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)
Gene J. Puskar/AP
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

CHICAGO —

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.

>> 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. 

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

Read more herehere or here.


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