Sears lands additional financing as sales disappoint

Sears Holdings reported a drop in same-store sales of 16-17 percent for the first two months of the fourth quarter.

The operator of Sears and Kmart stores now expects to post an adjusted fourth-quarter loss of at least $70 million. The net loss attributable to Sears Holdings shareholders could be as much as $320 million.

Sears officials also announced the company secured $100 million in new financing and is seeking another $200 million from other lenders.

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