New York (CNN Business) It's time to pull the plug on Sears, according to its creditors.

A committee of unsecured creditors said in a court filing Friday that the company's plans to stay in business during bankruptcy are "nothing more than wishful thinking " and "an unjustified and foolhardy gamble with other people's money."

The committee applauded the company's optimism for returning to profitability, but said the Sears recovery plan would run up additional losses without saving the company or the remaining jobs.

It said creditors who are owed money by Sears and whose debt is not backed by hard assets such as real estate or credit card balances, will pay for Sears' attempt to stay in business.

"Unfortunately, and notwithstanding desires to the contrary" staying in business "may no longer be an option" for Sears, the filing said.

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