Sears issues dire warning about its ability to survive

The company that operates Sears and KMart warned Tuesday that the struggling retailers might be running out of time to right their business and keep stores open. But now its future is in doubt. Its stock price dove by 12.3 percent to close at $7.98 on Wednesday. A 10-K is a report that public companies file with the Securities and Exchange Commission, giving a comprehensive summary of the company's financial performance.

Throughout that time, Sears reduced the amount of United States stored by around one third, and reduced the holdings in its Canada branch, in addition to spinning off the chain Lands' End Clothing.

The embattled retailer said in a regulatory filing that it was "continuing to pursue a transformation strategy and to explore potential initiatives to enhance our financial flexibility and liquidity" but its historical operating results "indicate substantial doubt exists related to the company's ability to continue as a going concern". However, "we can not predict, with certainty, the outcome of our actions to generate liquidity, including the availability of additional debt financing, or whether such actions would generate the expected liquidity as now planned", it said.

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Experts say Sears would have to dramatically decrease its store count to remain viable.

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The company has tried to improve profitability and cash flow with a restructuring program to cut $1 billion in costs and maximizing its assets with moves like selling its iconic Craftsman line to Black & Decker. Sears has not turned a profit since 2011.

"We expect to generate additional liquidity through the monetization of our real estate and additional debt financing actions", the company wrote.

Chairman and CEO Edward Lampert's hedge fund has been keeping the company afloat, infusing millions of dollars into the ailing retail store, but with dismal sales figures, it is burning through the cash.

Sears has accumulated more than $10bn in net losses in the past six fiscal years while its shares have lost 90 per cent of their value over the past five years, leaving its market capitalisation below $850m.

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