The retailer, which also owns Kmart, reported a loss of $454 million in the third quarter. The massive loss is the latest in 10 years of declining same-store sales.

Sears' comparable sales declined 9.6% in the third quarter, while Kmart's declined 7.5%.

Executives blame weak results on warmer-than-usual fall weather that kept consumers from buying items like coats and gloves. They say that the brand is investing in its "Shop Your Way" loyalty program, which offers personalized deals.

But many retail experts believe Sears is denying a darker truth: It is beyond the point of returning to its post as a major US retailer. In fact, it's in danger of not existing at all.

"Sears is like a rudderless ship, devoid of compass heading, manned by a demoralized crew and worth nothing more than the old rotten boards and nails it's made of," Doug Stephens, founder of industry website Retail Prophet and author of "The Retail Revival: Re-Imagining Business for the New Age of Consumerism," told Business Insider.