- Sears Holdings (SHLD) Chief Executive Eddie Lampert has acquired a portion of the company's new $750M loan in his latest bet on the parent of Sears department stores and Kmart discount shops.
- The loan is helping Sears pay down some of its older debt as shoppers move away from malls in favor of Internet shopping and the company, which has lost more than $8B over the last five years, sees its sales plummet.
- Lampert, whose net worth is pegged by Forbes at $2.4B, is buying the debt through his hedge fund ESL Investments.