Pursuits
Sears Gets Some Breathing Room From Its Creditors
- Country’s largest life insurer to pay 51,000 retirees
- Retailer will extend debt maturities by another six months
Sears Filing Sparks Concern That the End Is Near
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Sears Holdings Corp. gained some breathing room in its comeback effort thanks to deals with some of the biggest names in finance.
Lenders including billionaire Bill Gates’s Cascade Investment LLC agreed to give the struggling retailer more time to repay debt. And MetLife Inc. will take on pension obligations for about 51,000 retirees, Sears said Tuesday in a statement. The Hoffman Estates, Illinois-based company climbed 5 percent to $8.24 at 10:40 a.m. in New York trading.