Sears Holding Co. is raising new doubts about its chances of survival in the era of Amazon, Wal-Mart and Home Depot.

In its latest annual report the retail giant that has lost $10 billion in recent years painted a grim picture of its immediate future. “Our historical operating results indicate substantial doubt exists related to the company's ability to continue as a going concern,” the Hoffman Estates, Illinois-based company said in its filing.

However, it added that that its comeback plan could turn its fortunes around, “satisfying our estimated liquidity needs 12 months from the issuance of the financial statements.”

This latest negative disclosure comes at a time when there had been glimmers of hope fueled by Sears reporting a smaller fourth-quarter loss than predicted and the fact that its CEO and hedge fund manager Eddie Lampert had vowed to help lower its debt by cutting a minimum of $1 billion from its expenses.

Sears' pension underfunded

Lampert has kept the retailer alive by pumping more than $1 billion into Sears’ coffers, including a $500 million loan facility that was announced in January. He also pledged to reduce the company’s debt and pension obligations.

However, such pension savings could be impossible considering Sears also admits in its latest filing that its pension is currently underfunded. “Our pension and post retirement benefit plan obligations are currently underfunded, and we may have to make significant cash payments to some or all of these plans, which would reduce the cash available for our businesses,” Sears said in its filing. It also revealed that on Mar. 18, 2016, it entered into a five-year pension plan protection and forbearance agreement with the Pension Benefit Guaranty Corp.

In an effort to save itself, Sears recently sold some of its prime real estate, closed stores and sold its popular Craftsman tool brand to Stanley Black & Decker Inc. While Sears acknowledged the seriousness of its current financials, it also pointed out that the company is taking steps to improve them, according to the filing.