Sears Canada announced that it has extended the term of its senior secured revolving credit facility to May 2019 and has reduced the total credit limit from $800 million to $300 million. Currently, the revolving facility is undrawn.

The Sears credit facility is held by a syndicate of lenders arranged and administered by Wells Fargo Capital Finance. The original maturity was September 10, 2015. The credit facility is secured with a first lien on inventory and credit card receivables.