Sears borrows $400M from CEO as losses grow

Posted online September 15, 2014 | 10:44 pm

Sears Holdings Corp. is taking a $400 million short-term loan from the hedge fund owned by its chief executive officer and largest shareholder, Edward Lampert.

ESL Investments provided $200 million to the company Monday and will fund the other half Sept. 30, according to the Daily Herald.

The hurting Sears posted a $573 million net loss in the second quarter.

Read more from the Daily Herald.

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