US department store retailer Sears Holdings Corp is reported to have secured a US$350m court-approved loan just ahead of bankruptcy hearing on its financing arrangements.
Reuters – citing a person familiar with the matter – says the US$350m loan deal was agreed with Cyrus Capital Partners.
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The loan replaces a similar deal Sears reached earlier this month with Great American Capital Partners – with Cyrus offering better terms to Sears, the person said.
Neither Sears nor Cyrus commented at the time of press when approached by just-style.
Sears filed for bankruptcy last month and announced the closure of 142 of its stores. It said at the time it was rolling out a series of actions to position it “to establish a sustainable capital structure, continue streamlining its operating model and grow profitably for the long term.”
Its CEO Edward Lampert also stepped down, but remains chairman of the board.
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By GlobalDataThe moves followed weeks of speculation Sears was heading towards bankruptcy.
In the half year to August, the company made an operating loss of US$419m.
On 8 November Sears announced it would close a further 40 Kmart and Sears stores across the US.
