Sears raises doubts about ability to continue as going concern

Features Reuters

A Sears department store is seen in New Hyde Park, New York, U.S., January 5, 2017. REUTERS/Shannon Stapleton (Copyright Reuters 2017)

Beleaguered retailer Sears Holdings Corp on Tuesday warned about its ability to continue as a going concern.

Continue Reading Below

"Our historical operating results indicate substantial doubt exists related to the company's ability to continue as a going concern," Sears said in the annual report for the fiscal year ended Jan. 28. (http://bit.ly/2mRUcce)

However, Sears said actions taken to boost liquidity during the year, including the sale of the Craftsman tool brand to power tool maker Stanley Black & Decker Inc , could mitigate the going concern doubt.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Shounak Dasgupta)