Sears Inks $200 Million Credit Line From CEO Eddie Lampert's Hedge Fund

Sears Inks $200 Million Credit Line From CEO Eddie Lampert's Hedge Fund CNBC News (07/17/17) Thomas, Lauren

Sears Holdings has landed a fresh line of credit, valued at $200 million, from its CEO Eddie Lampert's hedge fund, according to a recent filing with the SEC. Lampert's ESL Partners has entered into a short-term line of credit loans, which carry a maturity date of 151 days and a fixed interest rate of 9.75 percent per year. Sears CFO Rob Riecker issued a statement that read: "This facility is intended to provide the Company with the flexibility to generate additional liquidity on an as-needed basis." Since the first of the year, Sears has been trimming its commercial real-estate portfolio, closing unprofitable department stores, and opening smaller locations that sell only appliances and mattresses to remain afloat.

X
IREM.org uses cookies to create ease of navigation for its users. For more information on cookies and our privacy policy follow this link. By closing this message, you are agreeing to our use of cookies on this browser.