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Sears lands additional financing from Eddie Lampert's ESL

  • Sears Holdings said Thursday it has secured loans totaling $210 million through CEO Eddie Lampert's fund ESL Investments and other parties.
  • Sears said in January it was in talks with lenders about transactions that would strengthen its balance sheet and improve the terms on more than $1 billion of debt.
A sign announcing the store will be closing hangs above a Sears store in Chicago, Illinois.
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A sign announcing the store will be closing hangs above a Sears store in Chicago, Illinois.

Sears Holdings said Thursday it has secured loans totaling $210 million through CEO Eddie Lampert's fund ESL Investments and other parties.

The borrowing was comprised of several installments. It borrowed $100 million under a term loan facility on Jan. 4 and an additional $30 million on Jan. 19. On Jan. 29, it borrowed an additional $20 million and then later $60 million.

The parent company of Sears and Kmart stores said in January it was in talks with lenders about transactions that would strengthen its balance sheet and improve the terms on more than $1 billion of debt. It said it would consider "all options" if efforts to refinance its debt fail.

The retailer has been been struggling with its debt load as sales decline and inventory dwindles. Its dismal holiday sales performance saw same-store sales drop 16 to 17 percent for the first two months of the fourth quarter.

CNBC reported Wednesday Sears laid off 220 employees primarily at the company's corporate headquarters in Hoffman Estates, Illinois.

— CNBC's Lauren Thomas contributed to this story.