Sears Plummets After Filing Sparks Concern That End Is Near
- Troubled chain adds ‘going concern’ wording to annual report
- Company has struggled to recover from billions in losses
Sears Filing Sparks Concern That the End Is Near
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Sears Holdings Corp. suffered its worst stock decline in more than two years after acknowledging “substantial doubt” about its future, raising fresh concerns about the survival of a company that was once the world’s largest retailer.
Sears added so-called going-concern language to its latest annual report filing, suggesting that weak earnings have cast a pall on its ability to keep operating. The 131-year-old department-store chain, which has lost more than $10 billion in recent years, was cited last year by Fitch Ratings as a company carrying a high risk of defaulting.