Sears Borrows $400 Million From Affiliates of CEO Lampert’s Hedge Fund

WSJ – Sears Holdings Corp. is borrowing $400 million from Chief Executive Edward Lampert’s hedge fund, giving the retailer an infusion for the holidays after it burned through cash over the summer.

The loan is being made by entities affiliated with Mr. Lampert’s ESL Investments Inc. and secured by 25 of the company’s properties, Sears said in a securities filing on Monday.

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