Sears secures loans for a total of $210M
New York – Sears Holdings Corp. says it has secured loans for a total of $210 million as the ailing retailer continues to prop up its business.
The Hoffman Estates, Illinois-based company, which operates stores under the Sears and Kmart brands, says it secured loans through its Chairman Eddie Lampert’s fund ESL Investment and other sources, according to a government filing.
Last month, it said it was in discussions with lenders to restructure its debt.
Sears said Wednesday it’s laying off 220 workers at its headquarters.
Sears has been selling off some of its real estate and brands as it tries to raise cash.