Sears Holdings chairman, CEO and majority shareholder Eddie Lampert is ponying up another $200 million to keep his company going.
The cash comes in the form of a letter of credit from ESL Investments, Lampert’s hedge fund, and is good for up to an additional $300 million.
The new funding provides the retailer with “additional liquidity to fund its operations,” the company said.
The loan follows a $300 million capital infusion from Lampert last August to help shore up Sears’ finances, and comes three weeks after a dismal third-quarter earnings report, in which net loss swelled to $748 million and sales fell 14 percent amid stepped up store closings.
Thirty more Sears and Kmart stores are set to close by April, according to an internal announcement reported by Business Insider.
The publication also tallied Lampert’s total loans to Sears, which come to over $1 billion including the latest handout.
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