Loading ...Sears has “substantial doubt” about its future
NEW YORK (AP) — 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.
Millions of dollars have been funneled through the hedge fund of Chairman and CEO Edward Lampert to keep Sears afloat but with sales fading, it is burning through cash. Lampert combined Sears and Kmart in 2005, about two years after he helped bring Kmart out of bankruptcy
According to a regulatory filing late Tuesday, Sears Holdings Corp. lost more than $2 billion last year. Adjusted for one-time charges, its loss was $887 million.