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Sears Taking Another Loan From CEO Edward Lampert

Sears Holdings CEO Edward Lampert recently increased his loans to the struggling company, which now total over $1.6 billion from the past two years, according to Business Insider.

“Lampert, through his hedge fund ESL Investments, has agreed to give the company a $200 million credit line,” Business Insider reported July 17.

The loan is further detailed in a filing with the U.S. Securities and Exchange Commission.

Sears Holdings issued the following comment from financial chief Rob Riecker about the latest line of credit increase:

“This facility is intended to provide the company with the flexibility to generate additional liquidity on an as-needed basis. This adjustment to our capital structure demonstrates that Sears Holdings will continue to take actions to generate liquidity and manage our business while meeting all of our financial obligations.”

Greater liquidity has been the goal of a variety of moves Sears Holdings has made to combat steadily dropping sales.

For example, the company planned a growing number of store closures this year and sold some of its product brands, including its Craftsman tool company.

About Kate Klein

Kate Klein
Kate is an assistant editor for Hardware Retailing magazine. She reports on news and industry events. She graduated from Cedarville University in her home state of Ohio, where she earned a bachelor's degree in English and minored in creative writing. She loves being an aunt, teaching writing to kids, running, reading long books, farm living and, as Walt Whitman says, traveling the open road, “healthy, free, the world before me.”

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