Sears Holdings Corp. acknowledged “substantial doubt” about its ability to keep operating, raising fresh concerns about a company that has lost more than $10 billion in recent years.
The retailer added so-called going-concern language to its latest annual report filing, suggesting that weak earnings have cast a pall on its future as a business.
“Our historical operating results indicate substantial doubt exists related to the company’s ability to continue as a going concern,” the Hoffman Estates, Illinois-based company said in the filing. But the company added that its comeback plan may help alleviate the concerns, “satisfying our estimated liquidity needs 12 months from the issuance of the financial statements.”
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"going concern" in the financials. They're done.
ReplyDeleteI'm just glad the Craftsman product line will continue at Ace Hardware. I like sears lawn equipment and mowers. I've had good luck with them. Hate the idea of having to go to a Lowes or Home Depot to buy their cheaply made products. Feel kind of sad. First Montgomery Ward, and now Sears. My options are starting to run out and I refuse to shop for these as Walmart. Customer service sucks and so does the shopping experience.
ReplyDeleteSears, Kmart, JCP, payless, Radio Shack, BCBG, Macy's, Hhgregg, Abercrombie and Fitch, the Limited and big box malls - all going POOF!
ReplyDeleteNever would have imagined it! Still looking for my first drone sighting her in da'bury!
I used to restrict my tool purchases to Craftsman. That was when they were all US made. The majority of Craftsman tools are no longer made in the US and you can tell by the quality.
ReplyDeleteJudging by the few times that I have been in the Sears store in Salisbury in the last year, I am surprised they manage to stay open. The store looks like a ghost town.
Amazon has killed these companies partly because Amazon doesn't collect sales tax and doesn't support brick and mortar.
ReplyDelete12:42...uh-Amazon does collect sales tax. At least in MD...thanks to the O'Malley gang.
ReplyDelete