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Sears borrows $400 million from CEO Lampert's hedge fund
New York -- Sears Holdings Corp. said in regulatory filing that it would borrow $400 million from the hedge fund of its CEO, Edward Lampert, who is also the company’s largest shareholder.
Sears received the first $200 million of the loan from Lampert's ESL Investments on Monday, and expects to receive the remaining amount on Sept. 30.
The company said it would use the money for “general corporate purposes.
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Survey: Consumers increasing online shopping
New York - While the majority of consumers prefer to both shop and spend their money in brick-and-mortar retail stores, more than 60% are increasing their online shopping activities, according to a survey of 1,515 consumers by digital marketing firm SmartFocus. This trend is most prevalent among women (71%) and Millennials.