Sears Depletes $200 Million Loan in Latest Sign of Cash Burn
- Retailer has posted $11 billion in losses over past six years
- Sears is spending money as it prepares for holiday season
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Sears Holdings Corp. drew down the remaining $60 million on a $200 million loan, signaling that the struggling department-store chain is quickly running through cash.
The retailer set up a revised loan on Oct. 4 and borrowed an initial $100 million, according to a filing on Monday. It tapped an additional $40 million on Oct. 18 and then the final $60 million a week later.