Sears Holdings owns Kmart. The Chicago Tribune reported Wednesday that Sears Holdings is borrowing money from its CEO Edward Lampert.
“The Hoffman Estates-based retailer said Wednesday that affiliates of Lampert’s hedge fund, ESL Investments, agreed to loan the company up to $500 million, backed by mortgages on Sears’ properties, to fund operations while it works to sell real estate to pay back debts.”
In the meantime, employees of 108 Kmart stores were told Wednesday that their store would close. The closures are in addition to 46 store closures announced on Dec. 27. The store in Platteville will also close.
No final dates have been announced.