Sears posts quarterly loss, taking debt from CEO's hedge fund

Updated
Sears shuttering more stores
Sears shuttering more stores

The above video is from April 2016, when Sears store closures were announced.

Aug 25 (Reuters) - Sears Holdings Corp posted a net loss due to lower sales of home appliances and apparel, and the company said it accepted debt financing of $300 million from Chief Executive Edward Lampert's hedge fund, ESL Investments.

The struggling retailer also said on Thursday it had received interest from potential partners for its home-improvement service business and some of its best-known brands, which it is exploring options for.

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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.

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