Sears's forewarning comes after more optimistic signs from the company, which has been working on a turnaround under Chief Executive Officer Eddie Lampert. The retailers on both sides of the border struggle with rising e-commerce and other competitive threats. Macy's Inc. and J.C. Penney Co. have joined Sears in closing scores of locations. "This is evident in the decisive actions we have taken in recent months", he writes. Sears also mentioned it may be unable to raise more money.
Sears last turned an annual profit in 2011.
"They've been delusional about their ability to turn around the business", said Perkins.
But the retail giant also insists its actions to turn around business should help reduce that risk. The company says that it is taking steps to improve its financial position. But the initiatives haven't been enough to reverse its downward spiral. LLC as joint lead arrangers.
Sears Holdings Corporation is an integrated retailer. Stonehill Capital Management LLC bought a new stake in Sears Holdings Corp during the fourth quarter valued at about $8,972,000. It was not until 1925 that Sears opened its first retail store - and that was an experiment, according to the website.
"This is no longer Plan B - it's Plan C", Mr. Williams said. And big chains such as Staples are shrinking their stores as a result of digital rivals and their own expanding online business.
"It's forcing retailers to shape up", he said. In Canada, retailers such as BCBG Max Azria and Tip Top Tailors are shutting stores.
Both stores have always been hurt by Walmart and Target, and now are being hurt further by the rise of Internet retailers.
YouTube Advertising Issues: Google Apologizes For Putting Ads On Offensive Content
We're committed to doing better, and will make changes to our policies and brand controls for advertisers", it added. A YouTube spokesperson told CNET that none of the changes are about removing offensive content itself from YouTube .
The company lost $2.22 billion in the year ended January 28.Since 2013 it has accumulated $7.4 billion in losses and seen revenue fall 44 percent to $22.1 billion. It has $4.2 billion in debt, up from $3 billion a year ago.
Shares of Sears plunged almost 13 percent Wednesday morning after the announcement.
In 2012, the company reported almost $20 billion in total assets with more than 2,500 stores open.
Last month, the company said it was planning a "strategic transformation" by trimming $1 billion in annual costs.
But in a filing on Tuesday it also makes clear that additional asset sales could prove problematic.
As part of the Craftsman sale, Sears Holdings reached an agreement with the Pension Benefit Guarantee Corp. Its sales stood at -11.80% a year on average in the period of last five years.
Sears, which at the end of its fiscal year had about 140,000 employees, said that it expects to continue to try to generate cash from real estate sales and borrowing.
The warning on Tuesday added a new element of uncertainty for a company that has $13.19 billion in liabilities and said it could have difficulty obtaining merchandise from vendors.