Canada markets closed
  • S&P/TSX

    20,402.66
    -59.27 (-0.29%)
     
  • S&P 500

    4,455.48
    +6.50 (+0.15%)
     
  • DOW

    34,798.00
    +33.18 (+0.10%)
     
  • CAD/USD

    0.7904
    +0.0001 (+0.02%)
     
  • CRUDE OIL

    73.95
    +0.65 (+0.89%)
     
  • BTC-CAD

    53,796.73
    -2,191.79 (-3.91%)
     
  • CMC Crypto 200

    1,067.20
    -35.86 (-3.25%)
     
  • GOLD FUTURES

    1,750.60
    +0.80 (+0.05%)
     
  • RUSSELL 2000

    2,248.07
    -10.97 (-0.49%)
     
  • 10-Yr Bond

    1.4600
    +0.0500 (+3.55%)
     
  • NASDAQ

    15,047.70
    -4.54 (-0.03%)
     
  • VOLATILITY

    17.75
    -0.88 (-4.72%)
     
  • FTSE

    7,051.48
    -26.87 (-0.38%)
     
  • NIKKEI 225

    30,248.81
    +609.41 (+2.06%)
     
  • CAD/EUR

    0.6740
    +0.0013 (+0.19%)
     

Sears Canada raises 'going concern' doubts

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)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting