Sears CEO to Open His Wallet Once Again to Keep Retailer Afloat
- Lampert’s firm offers $200 million letter of credit to chain
- Sears has lost more than $9 billion during past eight years
Sears Gets $200M Cash Infusion From CEO Eddie Lampert
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Sears Holdings Corp. Chief Executive Officer Eddie Lampert is opening his wallet once again to help keep the struggling retailer in business, a move that could help placate vendors after an uncertain holiday season.
Lampert, a hedge fund manager and Sears’s biggest investor, will offer a $200 million letter of credit to the department-store chain through affiliates of his firm, ESL Investments Inc. The amount could be expanded to as much as $500 million with the consent of lenders, according to a statement Thursday.