Once the gold standard of American retail, Sears says that there is “substantial doubt’’ that it will be able to stay afloat.
Sears shares hit an all-time low last month, falling more than 5 percent and plunged more than 9 percent in early trading Wednesday. In the company’s regulatory filing late Tuesday, Sears Holding Corp. lost more than $2 billion last year. When adjusted for one-time charges, the loss was $877 million.
Sears announced a major restructuring plan in February with the hopes of cutting costs by $1 billion through job cuts, brand asset sales and the sale of store sites.
In January, Sears announced that it would close 10 percent of the 1,500 store that are still operating. In Mississippi, the American retailer has 17 locations. No announcement has been made as to which ones will or won’t be closing.
The struggling company has not turned a profit since 2011.
