Embattled department store retailer gets fresh cash infusion from owner
As it heads into its most important selling season, Sears Holding Corp. is receiving another cash infusion from its CEO and largest shareholder.
Sears is borrowing $100 million from units of CEO Eddie Lampert's hedge fund ESL Investments for "general corporate purposes," according to a regulatory filing. The new infusion brings the total of Lampert's outstanding loans to Sears to $499.4 million.
Under the amended terms of the new loan, the retailer can borrow up to another $100 million — if needed — by pledging additional properties or assets as collateral. The loans carry an interest rate of 11%.
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