According to Business Insider, Sears CEO Eddie Lampert, through his hedge fund ESL Investments, agreed to provide Sears with a $200 million credit line.
The Insider noted that Lampert and is hedge fund have loaned more than $1.6 million to Sears to keep it in operation over the last two years.
According to a related 13D-Filing with the Securities and Exchange Commission on July 17, 2017, the funds will be provided via a $173.734 million credit line via JPP and a $26.266 million credit line via JPP II. JPP, which is controlled by ESL Investments, serves as administrative and collateral agent for Sears’ credit facility, originally dated September 6, 2016 and amended July 7, 2017.
So far this year, Sears has announced more than 300 store closures and has been raising money by selling off the real estate, according to the Insider.
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JPP Increases Sears L/C Up to $500MM as 43 Stores Close