Citibank Agents $200MM Secured Standby LC Facility for Sears

Sears Holdings obtained a secured standby letter of credit facility in an initial amount of up to $200 million provided by affiliates of ESL Investments with Citibank serving as administrative agent and issuing bank.

Sears Earnings Hurt by Lower Same Store Revenues, Closings

Sears reported a Q3/16 net loss of $748 million, 65% higher compared to last year’s loss of $454 million. Revenues declined to $5.0 billion from $5.8 billion on lower same-store sales and store closings.