Sears gets a $350m Christmas lifeline
Troubled US fashion retailer Sears nailed down a commitment for another loan to keep its doors open as the critical Christmas season begins. Great American Capital Partners agreed to lend $350m (€310m) to the company, according to a court filing.
Sears needs the cash - which comes at a hefty interest rate - to stay afloat during its most important selling period and buy time to develop a long-term survival plan. "The holiday season, the weeks coming up, are really critical for the company and its ability to reorganise," Sears lawyer Ray Schrock said in a bankruptcy court hearing yesterday. Chairman Edward Lampert is working on a bid for some of the company's best-performing stores.