Sears Speaks On Bankruptcy Rumors

(Chicago, IL) -- Sears is acknowledging that many think it will go bankrupt. 

In its annual report Tuesday, Sears Holdings, which also owns Kmart, said that "substantial doubt exists" that the company can continue after years of declining sales. The retailer has lost nearly ten-billion dollars in the past ten years.

Last month, Sears announced it was cutting costs by a billion dollars and closing 150 stores.  In its annual report, the company said those moves will help in "mitigating" the doubt.

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Photo:  flickr, Mike Kalasnik

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