Sears Posts Another Loss, Another Loan from CEO

The retailer reported a revenue decline of 8.8% for Q2.

HOFFMAN ESTATES, IL—Sears Holdings Corp. is receiving another infusion of debt via CEO Eddie Lampert amid another quarterly loss. Lampert’s ESL Investments will provide $300 million of additional debt financing secured by a junior lien against SHLD’s inventory, receivables and other working capital. In all, ESL has lent about $1.4 billion to the company over the past couple of years, Bloomberg Business reported Friday.

The beleaguered retailer on Thursday reported a loss of $395 million for the second quarter ended July 30. Its revenues decreased by 8.8% to $5.7 billion from a year ago, while same-store sales decreased 5.2%, with Kmart comparable sales down 3.3% from the year-ago period and Sears comps down 7%.