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The
company had said in April that it had obtained a $500 million
loan to fund a transformation and Lampert's hedge fund, ESL
Investments, had provided $125 million of the initial $250
million.
Under the latest proposal, the company may also take an
additional $200 million of debt from other investors.
Sears also said on Thursday it received interest for Sears Home
Services business and the unit that houses the Kenmore
appliance, Craftsman tools and DieHard vehicle battery brands
from potential partners including retailers, original equipment
manufacturers and financial investors.
The company said in May it was exploring options for the
businesses.
The new debt from ESL, also a large shareholder in the company
along with Lampert, is secured by a junior lien against the
company's inventory, receivables and other working capital,
Sears said.
Once the largest U.S. retailer, Sears has lost its standing as
customers move to online shopping or rivals such as Wal-Mart
Stores Inc <WMT.N>.
The owner of the Sears department store and Kmart discount store
chains reported a 5.2 percent drop in comparable store sales for
the second quarter ended July 30.
The company posted a net loss attributable to shareholders of
$395 million, or $3.70 per share, in the quarter, compared with
a profit of $208 million, or $1.84 per share, a year earlier.
Excluding items, the company reported a net loss of $2.03 per
share.
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by
Sriraj Kalluvila)
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