June 13, 2017 / 12:02 PM / a year ago

CORRECTED-Sears Canada raises 'going concern' doubts

(Corrects paragraph 2 to say Sears Canada was spun off from Sears Holdings in 2012, not 2013)

June 13 (Reuters) - Sears Canada Inc on Tuesday raised doubts about its ability to continue as a going concern, saying cash and estimated cash flows from operations were not expected to be enough to meet obligations over the next 12 months.

The retailer also reported a 15.2 percent decline in first-quarter sales, continuing a trend of declining sales since it was spun off from parent Sears Holdings Corp in 2012.

Sears Holdings has a nearly 12 percent stake in Sears Canada. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Sai Sachin Ravikumar)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below