Sears says it will likely have to shut its doors.
The news comes after company shares hit an all-time low last month.
They tumbled 5 percent before the opening bell Wednesday.
Sears’ chairman and CEO’s hedge fund has forwarded millions of dollars to keep the company afloat.
But with sales on a downward spiral, it is burning cash.
Sears employs 140,000 people with multiple stores in Northern Michigan.
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