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UPDATE 1-Sears obtains $500 million loan

Published 2016-04-08, 09:45 a/m
© Reuters. UPDATE 1-Sears obtains $500 million loan
SHLDQ
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(Adds details, background, shares)
April 8 (Reuters) - Sears Holdings Corp SHLD.O said it had
obtained a $500 million loan as the retailer looks to boost its
cash reserves to fund a transformation and reduce the number of
company-owned stores.
The retailer, controlled by billionaire Eddie Lampert, spun
off about 254 Sears and Kmart stores in June last year as it
looked to shore up its finances.
Sears has been reeling under losses as shoppers move away
from malls in favor of online shopping and the company has lost
more than $8 billion over the last five years.
Sears said $250 million of the 15-month loan was funded on
Friday with the remainder being accessible in the future.

Lampert's ESL Investments Inc provided $125 million of the
initial $250 million, Sears said, adding that it had used 13 of
its properties as collateral.
The loan is in addition to $750 million Sears obtained in
March.
Sears shares were down 0.2 percent at $14.34 in early
morning trading on Friday.

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