The company made the announcement in a Securities and Exchange Commission filing, saying it was able to consolidate three loans, which includes two real estate loans worth $320 million.That loan was due in July. The consolidated loan pushes repayment back to July 2020.
According to Sears, in 2020, it must pay $779 million – secured by its approximately 70 owned real estate assets.
A Sears Holding Spokesperson said the company is taking proactive measures to work with lenders, deal with capital structure and boost its financial flexibility.
The ailing retail store recently announced it would close even more stores, as sales continued to decline and it wanted to reduce its real estate portfolio. Sears also said it was selling its Kenmore brand and other business pieces.
Company shares have dropped sharply – 70 percent – from one year ago. Each share is worth $2.15 apiece. The company is worth about $232.1 million.