Sears warns there's 'substantial doubt' about company's future

Sears Holdings Corp. officials acknowledged there is "substantial doubt" that the company will be able to keep operating.

"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 a filing.

But the company added that its comeback plan may help mitigate the concerns, "satisfying our estimated liquidity needs 12 months from the issuance of the financial statements."

Sears previously announced plans to lower its debt burden and cut annual expenses by $1 billion.

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