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Canadian retailer expresses 'significant doubt' about its future
Sears Canada isn't sure about its ability to remain a going concern. The struggling retailer on Tuesday said it doesn't have enough cash flow over the next 12 months to meet its its obligations, and warned that it may have to restructure or be sold. The company cited a "very challenging environment," and noted it has had recurring operating losses and negative cash flows from operating activities in the last five fiscal years, with net losses beginning in 2014. -
Sears cutting jobs; key digital exec to leave
Sears Holdings is reducing headcount as part of its ongoing effort to deliver $1.25 billion in annualized cost reductions. It's also losing a key online executive. Sears is eliminating some 400 full-time jobs at its corporate offices, in Hoffman Estates, Illinois, and from its support functions. In addition, certain positions at the chain's field operations will be impacted. The eliminated jobs represent less than half a percent of the 140,000 full-time and part-time employees Sears had as of the end of January.
