Troubled retailer Sears Holdings Corp. said that mounting losses could restrict the company's access to new capital and threaten its continued existence as a going concern, Reuters reports.
The warning comes in the midst of a massive cost-cutting effort launched recently by Sears which seeks to shave costs, debt and pension obligations by up to $2.5 billion.
"Our historical operating results indicate substantial doubt exists related to the company's ability to continue as a going concern," the company said in its newly released annual report.
According to Reuters, Sears Holdings Corp. lost $2.22 billion in the year ended Jan. 28.
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