Shares of Sears Holdings Corp. rose 12.2 percent Monday after the company said in a regulatory filing that it has a new short-term line of credit from ESL Investments for $200 million.The shares closed at $9.04 in Nasdaq trading. That’s above the 52-week low of $5.50, but substantially below the high of $18.18.According to the regulatory filing, ESL holds a 56.9 percent stake — 63.7 million shares — in Sears. ESL is the hedge fund run by Edward S. Lampert, who is also the chairman and chief executive officer of Sears.The filing said the new line of credit is a short-term loan that matures in 151 days from July 13, and carries an annual fixed interest rate of 9.75 percent. The filing also noted that ESL “expect[s] from time to time” to enter into additional short-term line of credit loans, subject to borrowing base limitations, for a principal amount of up to an additional $100 million at a fixed interest rate of not less than 8.25 percent per year. Any new loans would have a maturity date between 7 and 179 days.According to a spokesman for Sears, the $200 million committed by ESL is an incremental component to an existing $500 million credit facility. He said the loan is for general corporate purposes and available to subsidiaries of Sears. The $500 million facility had an original maturity slated for July 2017, but was extended until January 2018. Per an amendment earlier this year to the loan agreement, Sears has the option to further extend the maturity of the loan for another six months.In Lampert’s July 10 blog on Sears, in which he announced the closing of eight more Sears stores and 35 Kmart locations, he noted that the company is making progress on the restructuring program unveiled earlier this year, and that it is on track to achieve its $1.25 billion in annualized cost savings target. To that end, the company last month closed on more than $200 million of real estate transactions. And the retailer has said it has more assets and real estate locations that it can monetize to help it keep the company afloat.With the additional store closures, the company would likely be operating a little over 500 Kmart stores and under 650 Sears stores by year-end.
In honor the @CFDA’s announcement of @iamnaomicampbell receiving the Fashion Icon Award at the 2018 #CFDAAwards, which will take place on June 4, here’s a #tbt of the supermodel on @michaelkors’ runway in 1991. #wwdfashion #wwdarchive (📷: George Chinsee)
“I was making the guacamole when my scout saw me,” says model @stuckinteenage on being discovered just six months ago while working at @chipotlemexicangrill. Since then Williams has signed with @dnamodels, walked in her first show at @calvinklein and landed on the cover of @vogueitalia – a high point of any model’s career. To read @lisajlockwood’s full interview with the model on her experiences thus far, head to WWD.com – link in bio. (📷: George Chinsee)
“I love the idea of dialogue, period. It’s where I’ve always gotten my inspiration from: hearing other women speak, their journeys and their paths,” said @hereisgina, who delivered the keynote speech during @sxsw for @createcultivate in partnership with @fossil. For her two panels, Rodriguez chose female empowering, female-led and female entrepreneurs to focus on. Head to WWD.com to read more about her thoughts on Time’s Up, growing up in a family of women and why we “need a girls’ club.” #wwdeye #sxsw (📷: @jgreenery)
Leading luxury brand are shaking things up to keep up with streetwear. Case in point: the arrival of @mrkimjones as artistic director of @diorhomme. Jones, who succeeds @Kris_Van_Assche, is seen as one of the handful of designers who can actually straddle the luxury and streetwear worlds — which could lead to even more changes at established brands. What could this mean for the rest of the menswear landscape? Head to WWD.com to find out what experts predict #wwdfashion (📷: @franckmura)
“It’s like buying groceries. You’re going to buy the best mango, the best mozzarella, the best things. You have to, or others are going to take it all,” said @gabrielahearst on why she uses only the finest fabrics. Last week, Hearst received her first @cfda nomination for Womenswear Designer of the Year, and earlier this month she opened a permanent showroom in Paris. To read @jessiredale’s interview with the designer and find out why this is shaping up to be a big year for her, head to WWD.com. #wwdfashion (📷: @francoisgoize)
“It’s an interesting thing, playing a younger version of your mother. It’s an interesting concept. I adore my mom and love her in every capacity, but it was just something that had never crossed my mind,” says @anniemstarke on playing a young Joan Castleman in “The Wife.” The same role will be played by her mother Glenn Close. Read more about her growing up in the film industry as the daughter of producer John H. Starke and Close and what she has planned for the future #wwdeye (📷: @nataliamantini)
@asics is launching a new streetwear sneaker inspired by its latest ambassador, @steveaoki. The Hyper-Kenzen x Aoki, which will launch at @footlocker stores exclusively tomorrow, is a slip-on style that incorporates the brand’s proprietary Gel technology through beads integrated into the midsole for comfort and endurance. Read the full story on WWD.com.