Sears says it has 'fallen short' as losses escalate

Sears reported mounting losses on Thursday and acknowledged that the company has "fallen short" of expectations for a recovery. The company posted a net loss of $748 million, nearly 65% worse than the comparable period a year earlier. Shares of Sears, which have lost nearly half their value this year, slid another 5% to $11.52 in pre-market trading. Bankruptcy speculations have plagued the retailer for some time now and in a desperate attempt to run its business at a profit, Sears has been closing stores, cutting costs and leveraging its real estate footprint.