Sears Holdings Corp. said yesterday that it had raised $100 million in new financing and is pursuing an additional $200 million from other parties, the Wall Street Journal reported. It is also renegotiating the terms of about $1 billion of its debt to reduce cash interest expenses and extend maturities. Sears Chief Financial Officer Rob Riecker said that the new loan “demonstrates that we continue to have options to finance our business.” Still, the retailer is facing challenges with comparable-store sales falling 16 percent to 17 percent in the first two months of its fourth quarter even as it works to cut more costs. The company said it remained focused on returning to profitability and had identified $200 million of cost savings unrelated to store closures.
