Eddie loans Sears Holdings Another $100 Million short term loan at 11% interest secured by the best 61 properties left!

Sears is borrowing $100 million at 11% interest, a debt that will be secured by liens on 61 properties it owns. It can borrow up to another $100 million by Dec. 1, and brings to $1.7 billion the amount of money Lampert has loaned the ailing retailer.

It does bring into question how long Sears -- and Lampert -- can continue with these stopgap measures to stay alive. Sales have fallen virtually every year since Lampert joined the company. It's only been able to post a profit, such as it did earlier this year, when it sells sizable portions of its real estate portfolio.Lampert understands the rising risk associated with his retail empire. The interest rate he's charging Sears on the latest loan is well above the 9.75% he charged the retailer this past summer when he gave it a $200 million cash advance.

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@2zyu I honestly have no idea how many leases are left, I would assume not a lot though someone could possibly know the answer to that one I honestly wouldn't know.

@1zlj Where exactly am I wrong? I am not saying I am 100 percent savvy with commercial properties, but I have delt with residential and I know it would have its differences, but in the end of the day it all goes back to the same result is the lease going to get paid even after the judge defaults judgement to the landlord? I am not the pro, but I had an issue and asked a very savvy person that has way more properties and experience than I have and he said that if the money is going to be a pain in the a-- to collect its not worth your time because as I said if Sears is going Bankrupt the landlord won't seeing his money in the end of the day.

Jason Rock- read up on commercial real estate. Also read up on what happens in a bankruptcy filed by a business. None of the information you’re providing is accurate...

@boh do you know how many sears leased stores are left and the remaining terms/ locations?

@1ees Not 100 percent sure, but yes the owner of the mall or whoever represents course will try to settle something with Sears say Sears doesn't want to settle in anyway for a settlement than it has to be taken to court not sure if Sears would brings it's own lawyer or some type of executive (or whoever signed the lease). If Sears is alive Sears will lose, but they still have to pay whatever is owed in the lease in the end unless as I mentioned Sears goes bankrupt the mall owner loses here.

It be satisfying because Sears still has to deal with the remaining lease if they close a store.

@fwa so if sears is an anchor store at a mall, Sears Holdings or Eddie would be taken to court by mall owners?

That would be a court case I would love to sit in on

@1fup If its the same as a rental no. Whatever Sears owes for a lease if they stop paying on the contract they would have to go to court and see if they can collect if they give judgement than they can try, but if Sears goes bankrupt its pretty much a done deal for them and most likely wont see their money.

As for the leased store goes , likely will end up in court for cost cut, or term butout

If the loan was secured by 61 properties owned, do you have any information on what will happened to leased stores if their lease expires 4 years from now?

Would sears holdings have to pay the mall for the balance of the lease if the particular sears store closed before the lease expatriation?

Exactly. The intellectual property and the name are what he's holding on to. Plus he does not want to flood Seritage with too many properties too soon. The new Sears will be a holding company generated by royalties, rents, and maybe about 500 stores between the Sears and Kmart banners.

I'm no finance expert but this seems like it is a bad deal. He seems to just keep loaning them more and more money and when the well goes dry (which it will) he will still get the money back via when Sears declares bankruptcy. In other words, Eddie wins no matter what.

Thread regarding Sears layoffs

Eddie loans Sears Holdings Another $100 Million short term loan at 11% interest secured by the best 61 properties left!

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