Report: Lampert among post-bankruptcy Sears lenders

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Report: Lampert among post-bankruptcy Sears lenders

By Dan Berthiaume - 10/18/2019
sears

Sears has reportedly received $150 million in financing since emerging from bankruptcy in February 2019.

According to Reuters, the chairman of the struggling department store chain’s parent company TransformCo, billionaire and former Sears Holding Corp. chairman and CEO Eddie Lampert, has provided some of that financing. Hedge fund Cyrus Capital Partners LP is also a reported Sears lender.

The $150 million is secured against assets including Sears real estate and intellectual property. Sears is reportedly seeking to obtain a total of $200 million in financing. The retailer has struggled since exiting bankruptcy, and will reportedly lay off 250 employees and shutter 21 Sears stores and five Kmart stores by the end of October 2019.

None of the involved parties has publicly commented. To read the article, click here.

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