Sears Will Lease Retail Space in Northeast to U.K.’s Primark

Sears Holding Corp., the unprofitable department-store chain seeking fresh ways to raise money, will lease space to Primark Stores Ltd., a British budget-clothing retailer that’s expanding in the U.S.

Primark will set up shop in seven Sears stores in the Northeast, according to a statement today. Separately, Hoffman Estates, Illinois-based Sears announced a rights offering that could generate as much as $625 million for general corporate purposes.