August 25, 2016 / 10:25 AM / 3 years ago

Sears posts quarterly loss, taking debt from CEO's hedge fund

Aug 25 (Reuters) - Sears Holdings Corp posted a net loss due to lower sales of home appliances and apparel, and the company said it accepted debt financing of $300 million from Chief Executive Edward Lampert’s hedge fund, ESL Investments.

The struggling retailer also said on Thursday it had received interest from potential partners for its home-improvement service business and some of its best-known brands, which it is exploring options for.

The owner of the Sears department store and Kmart discount store chains reported a 5.2 percent drop in comparable store sales for the second quarter ended July 30.

The company posted a net loss attributable to shareholders of $395 million, or $3.70 per share, in the quarter, compared with a profit of $208 million, or $1.84 per share, a year earlier.

Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Sriraj Kalluvila

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