Sears CEO Gives Struggling Retailer Yet Another Cash Infusion

Sears Holdings CEO and Chairman Eddie Lampert has gifted his company with an early holiday present. Affiliates of Lampert’s hedge fund, ESL Investments, loaned Sears $100 million in cash, according to an SEC filing.

ESL Investments will pledge up to $100 million more to Sears by Dec. 1 as long as the retailer proves it has the property collateral to secure the loan. Any new loans under the agreement are due April 3, 2018, and carry an 11% interest rate.

The new loans are part of a $500 million credit facility backed by the mortgages on 61 of Sears’ properties. Sears had initially borrowed the entire $500 million, but the…