>> After years of declining sales and revenue, iconic retailer Sears warning it may close its doors for good. The department store chain once known for ads touting it as the place where America shops. Saying in a regulatory filing late Tuesday that insufficient funds may limit its access to new merchandise and increased credit.
The company having not turned a profit since 2011. It's likely demise a blow for hedge fund manager Eddie Lampert. Who took control of Sears after merging it with Kmart in 2004, vowing to revive the company. And pouring tons of his own money into his quest to do so.
He also cut the number of US stores by nearly a third. Spun off the Lands' End clothing chain. And sold Sear's signature Craftsman tool line to rival Stanley Black & Decker earlier this year. Lambert now mulling the sale of flagship brands Kenmore and DieHard car batteries. With the company's total debt standing at nearly $14 billion.
Shares on Wednesday plummeting on the news.