Sears gets $150 million from Eddie Lampert, others - Business Insider

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 62 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 28%
  • Publisher: 51%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

Sears just got a $150 million lifeline from lenders including Eddie Lampert as it racks up losses less than a year after filing for bankruptcy

has borrowed about $150 million from lenders including owner Eddie Lampert, according to people familiar with the matter. Sears was unable to borrow as much as it wanted because lenders were concerned about the 126-year-old company's prospects and financial wherewithal, according to the sources.

The new financing will help stock Sears' store shelves for the holiday shopping season, as it struggles to become profitable. Lampert is no stranger to bankrolling Sears, having extended loans through his hedge fund ESL Investments Inc to the department store chain over the last decade until its financial collapse last year.

Among those that provided the financing was hedge fund Cyrus Capital Partners LP, which extended a loan to the retailer while it navigated bankruptcy court last year, one of the sources said. Sears is still hoping to negotiate with lenders and secure the roughly $200 million, one of the sources said.

Lampert, formerly the company's chairman and CEO, had pledged to restore Sears to its glory days, when it owned the tallest building in the world and companies that included a radio station and Allstate insurance. Lampert combined Sears and rival chain Kmart more than 15 years ago, heralding the formation of a retailer with $55 billion in annual sales. But revenues subsequently plunged amid the rise of online shopping and large retailers such as Walmart.

The transaction closed in February, creating a smaller Sears now operating under the moniker Transform Holdco LLC.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

jimcramer why do we keep propping up Sears? Why not just let it close?

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bank of America sees acceleration in digital sales - Business Insider - Business InsiderBank of America's digital channel now accounts for 26% of total sales, marking 13% annual growth — up from just 4% last quarter.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Novartis terminates Pear Therapeutics partnership - Business Insider - Business InsiderNovartis' Sandoz acknowledged a shift in company priorities as part of the impetus behind terminating its partnership with Pear Therapeutics.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Ancestry debuts new genetic health services - Business Insider - Business InsiderAncestry is stepping into healthcare with a pair of AncestryHealth services aimed at determining consumers' risk for hereditary conditions. It’s a hot girl summa so u kno she got it lit
Source: BusinessInsider - 🏆 729. / 51 Read more »

The Digital Therapeutics Explainer from Business Insider Intelligence - Business InsiderBusiness Insider Intelligence explores the drivers lighting a fire under the DTx market and unpacks the ways vendors reach their intended audiences.
Source: BusinessInsider - 🏆 729. / 51 Read more »