Sears to Borrow $300 Million From Lampert as Losses Mount
- Same-store sales slump 5.2 percent in second quarter
- Potential buyers show interest in Kenmore and Craftsman brands
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Eddie Lampert, the hedge fund manager who runs Sears Holdings Corp., is once again lining up financing for a retailer that has lost more than $9 billion in recent years.
Lampert’s ESL Investments Inc. offered to lend Sears $300 million this month, and the retailer accepted, the Hoffman Estates, Illinois-based company said in a statement Thursday. The loan is secured by a junior lien against Sears’s inventory, receivables and other working capital.