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

SearsMore

SearsMore

"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.

UK Banks Alleged To Have Processed Laundered Russian Cash
The money was laundered and moved into Europe and beyond through bribery and a clever exploitation of the Moldovan legal system. It is said to have been one of Russia's largest money-laundering schemes and involved the illegal transfer of...

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.

Robbie Power on his Cheltenham Gold Cup triumph
Sizing John has taken the Cheltenham Gold Cup , coming through the field to take one of jump racing's most prestigious events. And on a day of the Irish, the luck of the nation has delivered several wins for native horses, jockeys and trainers.

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".

Mount Etna Eruption Triggers 'Violent Explosion', 10 Injured
Sicily's Mount Etna has been quiet for two years, and this year drew skiers to its slopes, but it began to erupt again last month. A BBC crew and tourists were among those caught up in the drama as people were "pelted with boiling rocks and steam".

Recommended News

  • Settling the higher or lower seed debate of March Madness

    Settling the higher or lower seed debate of March Madness

    While it's easy to look at the matchup and scream "Dunk City is back baby" at the top of your lungs, that isn't really the case. He has committed only 35 turnovers in Iowa State's 33 games, and has four points-assists double-doubles this season.
    William Ackman is no longer a Valeant's shareholder

    William Ackman is no longer a Valeant's shareholder

    In this article, we will talk about three hedge funds that still love Valeant as well as discuss the performance of the company. Ackman generally buys large stakes in a handful of big companies and agitates for changes and transactions.

    Jets sweeten their offer to free agent Dont'a Hightower with cupcakes

    The Patriots did not use their franchise tag on Hightower, but they are also interested in re-signing the linebacker. Hightower played in 13 games or the Patriots last season, recording a total of 65 tackles and 2.5 sacks.
  • China hails Sino-US contacts after Tillerson visit

    China hails Sino-US contacts after Tillerson visit

    He said Wang and he agreed to work together to persuade North Korea "make a course connection and move away from the development of their nuclear weapons".
    Scottish National Party using Brexit to engineer breakaway from United Kingdom , claims May

    Scottish National Party using Brexit to engineer breakaway from United Kingdom , claims May

    One message from the independence and European Union referendums was that people wanted more control over their lives. The battle - perhaps that should be a new battle - for Scottish public opinion has begun.
    Venezuela stays alive, slips past Italy in playoff

    Venezuela stays alive, slips past Italy in playoff

    Israel beat the Netherlands , 4-2, in the first round in Seoul but saw a different team at Tokyo Dome. After redoing the numbers, Venezuela came out ahead, leaving Gonzalez and Mexico furious.
  • After Debate, Macron Secures Leadership to French Elections

    After Debate, Macron Secures Leadership to French Elections

    Most people considered Macron had the most to lose from the live debate given his rise in the polls and volatility of his voters. Europhiles, meanwhile, have been banking on centrist candidate Emmanuel Macron and his staunchly pro-EU agenda .
    BJP's N Biren Singh wins Manipur test with voice vote

    BJP's N Biren Singh wins Manipur test with voice vote

    The BJP government in Manipur led by Chief Minister Nongthombam Biren Singh won the floor test in the state Assembly on Monday. The Congress had emerged as the largest party in the state winning 28 seats, however the party fell short of majority.
    Investors Real Estate Trust (IRET) Common Share Dividend Payout Ratio

    Investors Real Estate Trust (IRET) Common Share Dividend Payout Ratio

    On the other hand, in the September 2017 quarter the company recorded a net $166.59M revenue with earnings per share of $1.39. The real estate investment trust reported $0.43 EPS for the quarter, missing analysts' consensus estimates of $0.44 by $0.01.
  • Netflix Testing Out 'Skip Intro' Button For Certain TV Shows

    Netflix Testing Out 'Skip Intro' Button For Certain TV Shows

    This week, the 5-star rating system was removed from the service in exchange for a "thumbs up- thumbs down" rating. It is, however, still unclear whether the said button is available for all shows on the platform.
    Kim Jong-nam's embalmed body can remain from rotting for three months

    Kim Jong-nam's embalmed body can remain from rotting for three months

    We do not know what their demands are - we need to figure out what we can do to get the best result", he told reporters. Putrajaya previously said other North Koreans in the country are similarly barred from exiting for now.

    Snyder: Health care overhaul plan falls short

    Rand Paul and Ted Cruz attended a rally Wednesday at the Capitol and railed against the Paul Ryan-led House bill. Whatever they propose, however, could scare off centrist votes, who say the bill is already too draconian.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.