Sears and Kmart might not have enough money to stock their shelves

Sears, an icon of US retail, may shut its doors

"Our historical operating results indicate substantial doubt exists related to the company's ability to continue as a going concern", Sears said in its annual report for the fiscal year ended January 28. The companys revenue was down -17.1 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-1.70 EPS.

Sears has upped its presence online, but is having a hard time disguising its age. It has $4.2 billion in debt, up from $3 billion a year ago.

Sears says its doubt is based on years of losses and attrition in sales.

The first Sears store opened in the 1890s.

The company has been considering selling other businesses such as the Kenmore appliances and DieHard auto battery brands.

More news: White House says underfire Trump campaign chair had 'very

Sears Holdings Corp Last issued its quarterly earnings results on Mar 9, 2017. But Sears also has faltered because of its management's decisions, including the sale of its more than $30 billion credit portfolio to Citibank in 2003, and a merger with Kmart that tied together two struggling chains.

Sears has disclosed it may not be able to continue as a going concern despite a turnaround effort that has included selling stores and moving to a membership-focused business model.

Sears Holdings hasn't turned an annual profit since 2010.

Landlords are now looking at splitting up Target locations for multiple retailers, rather than replacing Target with just one merchant, although chopping up the space for multiple players can be costlier, said consultant Mr. Williams.

Recently, Sears had put some stores into its real estate investment trust or REIT, sold Craftsman its line of tools and raised debt repeatedly from the hedge fund of CEO Edward Lampert.

More news: Did Netflix just create the ultimate binge-watching hack?

Sears Holdings, once the largest USA retailer, warned on Tuesday about its ability to continue as a going concern after years of losses and declining sales.

Lampert owned close to 10% of the REIT that paid $2.6 billion to Sears in 2015 for its stores that it purchased, of which many were leased back to the longtime retailer.

But the filing also makes clear that additional asset sales could prove problematic.

The agreement "contains certain limitations on our ability to sell assets, which could impact our ability to complete asset sale transactions or our ability to use proceeds from those sales to fund our operations", the company said.

Sears Holdings Corp. suffered its worst stock decline in six weeks after acknowledging "substantial doubt" about its future, raising fresh concerns about the survival of a company that was once the world's largest retailer.

More news: Interpol 'red notice' issued for four North Koreans, says KL



Latest news

OPD services affected as doctors continue strike for 2nd day
A division bench of Chief Justice Manjulla Chellur and Justice GS Kulkarni posted the hearing on Wednesday. The court said the resident doctors should resign.

Why Some Advertisers Are Walking Out on Google
In a statement on Monday, Matt Brittin, head of Google for Europe, the Middle East, and Africa, apologised. Around 400 hours of video are uploaded to YouTube every minute, according to Google .

2 men dead in burning vehicle believed tied to TV performer ID'd
TMZ reports that the badly burned bodies of two men were discovered in the auto , which was regularly driven by Kim's son Chris . Anderson's mother told NBC , "I've been calling him and it's going to voicemail.I would have heard from him".

Uber's President Jeff Jones resigned after joining the Company for six months
Among the changes that they floated as cures for what ails the company was a search for a new chief operations officer. No longer will "brilliant jerks" be accepted at Uber, she said. "That's the number one request from drivers".

Biren Singh wins trust vote in Manipur
Ram Vilas Paswan's Lok Janashakti Party, an NDA ally, has one seat and one Congress legislator has defected to support the BJP. The party, which was the second largest with 21 seats out of the 60 in the state assembly, needs another 10 to prove majority.

Six March Madness Games Will Be Produced in Virtual Reality
Intel is also unveiling Intel True VR, having transitioned the technology and fan experience from the VOKE acquisition. Turner will also put out content via Facebook 360 Video on the NCAA March Madness Facebook page .

Turtle Named 'Bank' Dies After Ingesting 900 Coins Thrown into Her Pond
Doctors performed a second, 2 ½ hour-operation, but Omsin never woke up and died Tuesday morning. It is listed as an endangered species by the International Union for Conservation of Nature.

United Kingdom to trigger Brexit on March 29
Although Britain as whole voted to leave the EU, Scotland and Northern Ireland voted to stay in the bloc. A transitional deal for about five years is certainly an option.

Jennifer Lopez joins Alex Rodriguez for baseball spring training
In the song 'Free Smoke' , the rapper opened up about drunk-texting Jennifer Lopez even after they had called it quits. The kids get to spend time with the two of us more together and see us working together".

US, China renew determination to resolve N. Korea threat, differ on approach
United States Secretary of State Rex Tillerson has said that using military action against North Korea is " an option on the table".

Erdogan urges Turks in European Union to have at least 5 kids
Mr Erdogan, whose announcement was greeted by loud cheers, said he did not care what Europe thought about such a move. Now, Turkey threatens to rip up the deal and flood Europe with thousands of refugees into the continent each month.

Russian Federation summons Israeli envoy following IDF strikes in Syria
That's what we've done previously and this is what we will do, and everyone should take that into account". His threat comes after Syria fired anti-aircraft missiles at Israeli military jets overnight Friday.

In Response to US Pressure UN Pulls Anti-Israel Apartheid Report
Secretary-General Antonio Guterres' office said it had been published without any prior consultations and did not reflect his views.

Not all is well among the big schools in tournament
So, essentially, it's just a fancy way of saying wildcat, which happens to be one of the more common nicknames in college sports. The program won an NCAA Tournament game for the first time since advancing to the Elite Eight and losing to Stanford in 1998.

Dollar briefly dives below ¥113 on Fed rate forecasts
Investors snapped up the greenback at the start of European trade, judging it looked cheap after sharp falls following the U.S. The central bank's statement and forecasts for future rate increases was seen as less aggressive than had been anticipated.

Other news