HOFFMAN ESTATES, Ill., Dec. 29 (UPI) -- Struggling retailer Sears announced Thursday it secured a $200 million loan from a hedge fund managed by CEO Eddie Lampert to backstop payments to vendors.
The retail chain has sustained billions in debt over the past eight years and the $200 million ensures the company will continue to be able to meet financial obligations in the short term as it works to turn around slumping sales.