Troubled Sears gets more time to pay back its loans

  • Sears consolidates two real estate loans totaling roughly $320 million.
  • The maturity date in July has been extended by two years.
  • Sears has about $779 million due in 2020, which is secured by 69 Sears-owned real estate assets.
A worker holds a sign announcing a store-closing sale outside the 60-year-old Sears store in Chicago.
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A worker holds a sign announcing a store-closing sale outside the 60-year-old Sears store in Chicago.

Sears Holdings says in a Securities and Exchange Commission filing it has been given two extra years to repay lenders, including its CEO and hedge fund owner Eddie Lampert.

In its filing Monday night, the troubled department store chain said it has consolidated three loans, including two real estate loans totaling roughly $320 million and due in July. The new consolidated loan is due in July 2020.

Sears said it has about $779 million due in 2020, which is secured by 69 Sears-owned real estate assets.

By extending certain maturities, these are "additional proactive steps [Sears Holdings] is taking to work with its lenders, address its capital structure and enhance its financial flexibility," a spokesman said in an email to CNBC.

Just last week, Sears announced plans to close dozens more stores this year, as sales plummet and the retailer continues to trim its real estate portfolio. It's also in the midst of evaluating a bid from Lampert's hedge fund, ESL Investments, where Sears would sell the Kenmore brand and other pieces of the business.

Sears shares have tumbled more than 70 percent from a year ago to trade around $2.15 apiece. The company has a market capitalization of roughly $232.1 million.