Reuters reported that retailer Sears Holdings annual report expressed doubts that it may no longer be able to continue as a going concern.

“Our historical operating results indicate substantial doubt exists related to the company’s ability to continue as a going concern,” Sears said in its annual report for the fiscal year ended January 28.

In other news, Sears Canada entered into a credit agreement with KKR Capital Markets and GACP Finance as joint lead arrangers for a five-year secured term loan of up to $300 million.

The loan is available in two tranches. The first tranche of $125 million has been drawn in full. A second delayed-draw tranche of up to an additional $175 million may be drawn at the company’s option, depending on mutually agreed assets being contributed to the borrowing base. The loan will be available for general corporate purposes.

Once the largest U.S. retailer, Sears has spun off some of its stores into a real estate investment trust, put some brands on sale and repeatedly raised debt from billionaire Chief Executive Edward Lampert’s hedge fund to cope with the slump.