"Our historical operating results indicate substantial doubt exists related to the company's ability to continue as a going concern," the company said.
According to The New York Times, Sears Holdings lost $2.2 billion last year. Sears reported a 9.3 percent decline in sales, while Kmart's sales dropped 7.4 percent, Fortune reported.
Earlier this year, Sears Holdings said it would shutter 150 Sears and Kmart stores in 40 states.
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