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Sears Secures $1 Billion Loan

Hoffman Estates, Ill. — Sears Holdings has borrowed $1 billion under a new loan facility. 10/02/2013 12:40:00 PM Eastern

Hoffman Estates, Ill. — Sears Holdings has borrowed $1 billion under a new loan facility.

The loan extends an existing credit agreement that provides nearly $3.3 billion in revolving credit.

Sears said it will use the new loan to pay down $1 billion in borrowings under the revolving credit facility.

Sears’ losses widened during its most recent quarter, ended Aug. 3, amid declines in its core major appliances business. Losses reached $194 million for the period while revenues fell 6.3 percent, raising renewed questions about the company’s long-term direction.