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Sears Canada raises 'going concern' doubts

Reuters
Sears Canada to open pop-up in Toronto’s Queen West

(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)