Sears Investor Fairholme Says Unit Steps Back From Loan
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Sears Holdings Corp. shareholder Fairholme Funds Inc. said its affiliate St. Joe Co. backed away from providing as much as $100 million in financing to the retailer after a second lender materialized.
“The St. Joe Co. was unable to agree on terms for such a participation in light of its investment criteria and has declined the opportunity to participate,” Fairholme said in a regulatory filing today. Bruce Berkowitz’s Fairholme, which has a 23 percent stake in Sears, according to the filing, also owns 27 percent of St. Joe, according to data compiled by Bloomberg.