By  on January 5, 2017
Sears

Sears Holdings Corp. has one asset sale down — Craftsman for $900 million — but many, many more are expected to follow. The deals are all part of Sears chairman Edward S. Lampert's desperate rush to keep his flailing retail operation afloat.

On Wednesday the company said it would shutter 150 more stores — 109 Kmart locations and 41 Sears sites — to help stem its losses. That’s on top of the more than 200 stores it was already on track to shutter before the end of the current fiscal year this month. On Wednesday, Sears also inked a deal with affiliates of Lampert’s hedge fund ESL Investments — Lampert is chairman of both Sears and ESL, and there is a Sears board subcommittee on related party transactions working with outside advisers on the transactions — for a $500 million real estate-backed loan. A week ago, the ailing company signed another deal with ESL affiliates for standby letters of credit for up to $500 million.

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