Sears continues losing money, has 'substantial doubt' it will survive

Posted at 9:27 AM, Mar 22, 2017
and last updated 2017-03-22 12:27:13-04

The end of one of the world's longest-running, most reliable retail stores could soon come to an end.

A late regulatory filing Tuesday by Sears shows the company lost more than $2 billion last year. At the opening bell on Wednesday, shares of Sears Holdings Corp., dropped more than 12 percent to $8. 

The company employs 140,000 people announced a restructuring plan in February. That was supposed to cut costs by $1 billion. 

In its filing on Tuesday, Sears said in a statement, "Our historical operating results indicate substantial doubt exists related to the company's ability to continue as a growing concern."

In Kern County, there is a Sears at the Valley Plaza Mall and an outlet store on White Lane.