The footwear chain plans to significantly reduce its store count as it focuses on its wholesale and e-commerce channels.
The retailer's stock falls 2% on the Q4 earnings report, indicating investors are skeptical about its turnaround strategy.
Investors express their impatience with the pace of IBM's turnaround effort by sending its shares down nearly 5% to $161.84.
“These are important actions we are taking to continue our evolution and deliver on the Way Forward commitments we made in June," CFO Jane Nielsen…
The retailer warns its history of losses indicates "substantial doubt exists related to the company's ability to continue as a going concern.”
The electronics retailer blamed its filing on the "surprisingly poor performance of mobility sales" despite its co-branded stores with Sprint.
The retailer's shift to a new business model "will present headwinds to our sales and profit performance in the short term."
The outlook for sales growth, however, remains weak, with comp sales expected to decline between 2.0% and 3.0% this year.
The charge to cover possible future claims was larger than analysts expected and led to a net loss of $3.04 billion in the fourth quarter.
The retailer "still has a long runway ahead of it before it will realize the benefits" of its turnaround strategy, analysts say.