Will close 96 more doors.
The new loan, put together in recent weeks, increases by roughly $100 million the $150 million of financing that Sears raised several weeks ago, said people familiar with the transaction, who were not authorized to discuss publicly some aspects of the deal.
Lampert, through his hedge fund ESL Investments Inc has contributed a significant portion to the new financing, the people added.
The financing and additional store closures reflect the continued difficulties Lampert has had in his attempt to return Sears to its glory days, when it was among the largest retailers and owned the tallest building in the world.
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