Business
Business

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)

Credit: Gene J. Puskar

Credit: Gene J. Puskar

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
March 22, 2017

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.

Explore>> 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.

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

Read more here, here or here.

About the Author

Michelle Ewing, Cox Media Group National Content Desk
More Stories

Keep Reading

FILE Photo: In this Sept. 27, 2018, file photo robots weld the bed of a Ford F Series trucks on the assembly line at the Ford Rouge assembly plant in Dearborn, Mich. (AP Photo/Carlos Osorio, File)

Stock futures drop, including several top Georgia firms, in wake of tariffs

Stock futures sunk overnight, including for several big Georgia companies, and a major business group warned of pain from the growing trade war.

2h ago

Gov. Kemp lauds opening of new drone manufacturing plant, but privacy expert wary

Nearly all metro Atlanta police departments use Flock Safety’s technology, but some of its products have come under criticism from residents and advocacy organizations.

‘Pretty insane.’ Experts, Atlanta businesses, consumers brace for tariffs

Georgia businesses expressed fears that new tariffs will send costs higher and harm consumers.

The Latest

FILE Photo: In this Sept. 27, 2018, file photo robots weld the bed of a Ford F Series trucks on the assembly line at the Ford Rouge assembly plant in Dearborn, Mich. (AP Photo/Carlos Osorio, File)

Stock futures drop, including several top Georgia firms, in wake of tariffs

2h ago

Tracking Trump’s tariffs: Here’s what to know

‘Pretty insane.’ Experts, Atlanta businesses, consumers brace for tariffs

Featured

The last Michelin Guide Awards ceremony took place at the Georgia World Congress Center on Monday, Oct 28, 2024.

Credit: Jenni Girtman

With new American South guide, Michelin highlights Atlanta – but not Georgia

The 2025 Michelin Guide featuring metro Atlanta will expand to include six southern states: Alabama, Louisiana, Mississippi, North Carolina, South Carolina and Tennessee.

Atlanta police say woman made fake 911 call prior to Young Scooter’s death

The bizarre string of events that led to the Atlanta rapper’s death began when Demetria Spence made a fake call to 911, according to police.

Trump’s legal fees, religious liberty and DEI: What made the cut with Georgia lawmakers

Wednesday is the penultimate day of the 2025 Georgia legislative session. It’s expected to be busy as lawmakers rush to get their bills assigned to the House and Senate floor.