Gene J. Puskar / AP
Sears, once the largest U.S. retailer, said that there is "substantial doubt" that it will be able to remain open, reports the AP. Company shares, which hit an all-time low last month, tumbled more than 5% in early trading Wednesday.
CEO Edward Lampert's hedge fund has sent millions in funding to try and keep Sears afloat, but the declining sales have brought the company into too deep a hole.
According to its most recent regulatory filing late Tuesday, Sears lost more than $2 billion last year.