Advertisement
Canada markets closed
  • S&P/TSX

    21,554.86
    -26.49 (-0.12%)
     
  • S&P 500

    5,464.62
    -8.55 (-0.16%)
     
  • DOW

    39,150.33
    +15.57 (+0.04%)
     
  • CAD/USD

    0.7302
    -0.0004 (-0.05%)
     
  • CRUDE OIL

    80.59
    -0.70 (-0.86%)
     
  • Bitcoin CAD

    87,748.05
    -326.83 (-0.37%)
     
  • CMC Crypto 200

    1,321.48
    -38.84 (-2.86%)
     
  • GOLD FUTURES

    2,334.70
    -34.30 (-1.45%)
     
  • RUSSELL 2000

    2,022.03
    +4.64 (+0.23%)
     
  • 10-Yr Bond

    4.2570
    +0.0030 (+0.07%)
     
  • NASDAQ

    17,689.36
    -32.23 (-0.18%)
     
  • VOLATILITY

    13.20
    -0.08 (-0.60%)
     
  • FTSE

    8,237.72
    -34.74 (-0.42%)
     
  • NIKKEI 225

    38,596.47
    -36.55 (-0.09%)
     
  • CAD/EUR

    0.6826
    +0.0005 (+0.07%)
     

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)