Sears Obtains $500 Million Loan

Sears Holdings Corp. (Hoffman Estates, Ill.) has obtained a 15-month $500 million secured loan facility. Part of the loan was provided by ESL Investments (Bay Harbour, Fla.), a company controlled by chairman and ceo of Sears, Edward Lampert.

Retailing Today reports half of the loan was provided to the company Friday, April 8, with the remaining $250 million accessible in the future. The company announced plans to use the loan to continue transforming the brand, adjusting its capital structure and executing its strategic plans.