Sears Holdings Corp. is back at the cash machine that apparently is Edward S. Lampert.The department store amended, for the second time in a little more than two weeks, a loan agreement with JPP LLC and JPP II LLC, entities controlled by Lampert’s hedge fund ESL Investments Inc., to tap another $40 million in financing. Lampert, Sears’ chairman and chief executive officer, just loaned the company $100 million in the same fashion, presumably in time for the holiday season. The new amendment also allows for an additional $60 million to be drawn by mid-November, if additional collateral is put up, which would bring the amended loan amount to $200 million. Sears’ current debt to Lampert through the JPP entities is $524.1 million, according to a disclosure filed with the Securities and Exchange Commission.While the initial incremental loan was due to be repaid in April, the date has been pushed back to May, but it’s still backed by 66 real property assets. The remainder of the outstanding loan is not due until 2020.A Sears spokesman said the loan will be used to fund Sears' operations."We continue to focus on actions to provide the company with additional financial flexibility to generate liquidity and demonstrate our ability to manage our business while meeting all of our financial obligations," the spokesman added.
As for whether the $60 million also available under the second amendment is likely to be drawn, the spokesman declined to speculate.
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty
Virgil Abloh’s dad Nee and Don Crawley, cofounder of RSVP Gallery, were some of the hometown crew at the Chicago-born designer’s debut show for Louis Vuitton. (📸: @jdiderich ) #wwdmens #louisvuitton #virgilabloh
About last night: @marycharteris and @adwoaaboah hit up Hyde Park for the Serpentine Galleries’ annual summer party held in partnership with @chanelofficial. Head to WWD.com to see more photos. #wwdfashion
“This is Paris, my first show. I’m all about democracy. If some kid shows up, flew from New Jersey to just be around, let’s get him a seat.” — @virgilabloh tells WWD’s @jdiderich ahead of his first show for @louisvuitton men’s. (📸: @alfredo_piola ) #wwdmens #virgilabloh #louisvuitton
“Kate Spade was a true fashion icon who brought joy to the lives of women around the world, and inspired women to live life to the fullest. We are dedicated to carrying on her legacy,” said Anna Bakst, brand president and chief executive officer of @katespadeny. The Kate Spade Foundation announced that it will be donating $1 million to suicide prevention and mental health awareness in tribute to the recent death of Kate Spade. Read more on WWD.com. #wwdnews (📷: @chinseephoto)
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim