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.



Sears recorded a loss of nearly $1 billion in the six months through Aug. 2. Revenue fell more than 8%.