Sears Canada is now admitting it’s future is in significant doubt.
This follows the revelation that revenue declined by more than 15 per cent compared to the same quarter last year with a net loss of more than $144 million.
Sears Canada concedes the amount of cash and forecasted cash flows from its operations are not expected to be high enough to meet its financial obligations over the next year.
It’s annual meeting of shareholders scheduled tomorrow has been cancelled.
