Reuters reported that Sears chairman Eddie Lampert is holding discussions with Cyrus Capital Partners to share the $30 million financing to support the company’s Chapter 11 effort.
The Wall Street Journal reported that Sears Holdings’ biggest lenders are pushing the retailer to liquidate its assets in a Chapter 7 bankruptcy filing.
The Wall Street Journal reported Sears CEO Edward Lampert has offered to buy the company’s iconic Kenmore appliance brand for $400 million.
Sears Holdings amended its March 14, 2018 credit agreement, with UBS, Stamford Branch serving as administrative agent and UBS Securities acting as lead arranger and bookrunner.
The Wall Street Journal reported that as the holiday season kicks off, toy and other manufacturers are demanding early payment from troubled retailer Sears.
Sears amended its $271 million letter of credit with Citibank as administrative agent to extend the maturity date through December 29, 2018.
Business Insider reported that Sears CEO Eddie Lampert, through his hedge fund ESL Investments, agreed to provide Sears with a further $200 million credit line.
Sears is closing eight stories and 35 Kmart stores, according to a blog post by Sears CEO Eddie Lampert. Sears also modified its credit agreement to include a line of credit of up to $500 million.
Once the largest retailer in the U.S., Sears’ annual report offered doubts that it will be able to continue as a going concern. ABF Journal illustrator Jerry Gonzalez depicts this news in FinalCut.