"Our historical operating results indicate substantial doubt exists related to the Company's ability to continue as a going concern", Sears said in a Tuesday filing with the Securities and Exchange Commission.
The disclosure comes after more optimistic signs from the company, which has been working on a turnaround under Chief Executive Officer Eddie Lampert.
At this time, Sears has total liabilities of $13.2 billion. Revenues have been falling and losses and debt mounting.
Sears has shuttered four Western Pennsylvania locations in recent years: Wilkins in 2013, Century II Mall in 2014, Pittsburgh Mills in 2015 and Clearview Mall last year.
The managing director of a Bangladesh-based textile firm said his company is using only a handful of its production lines to manufacture products for Sears' 2017 holiday sales.
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Customers search for bargains at the soon to be closing Sears store in the NY borough of the Bronx.
The company is also considering selling some of its businesses, such as the Kenmore appliances and DieHard vehicle battery brands. In other words, many think Sears will go under. The CEO has helped keep the ailing retailer afloat by offering more than $1 billion of assistance, including a $500 million loan facility announced in January.
Sears has not posted an annual profit since 2011. "Sometimes multiple retailers to take those large spaces", Bell said.
"They're past the tipping point", Perkins said.
In recent years, Sears has placed some of its US stores into a real estate investment trust, put some brands up for sale and repeatedly raised debt from its billionaire CEO Mr. Lampert's hedge fund.
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The company that operates Sears, the department store chain that dominated retail for decades, warned Tuesday that it faces "substantial doubt" about its ability to stay in business unless it can borrow more and tap cash from more of its assets.
The cash bleed has been such that credit ratings agency Fitch earlier this year estimated the company would burn through $1.8 billion in the current fiscal year and estimated Sears would have to raise some $2 billion to get through the latest cash squeeze, even hinting at the possibility of bankruptcy.
Lampert owned almost 10 percent of the REIT that paid Sears $2.6 billion in 2015 for the stores it purchased, many of which were then leased back to the retailer. But it noted in the 10-K that as part of the Craftsman sale, it reached an agreement with the Pension Benefit Guarantee Corp. that puts a claim on some Sears' assets to protect the pensions of retired employees.
Sears said it expects "to generate additional liquidity through the monetization of our real estate and additional debt financing actions".
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