Connect with us

Hi, what are you looking for?

Jewish Business News


Bruce Berkowitz May Help Eddie Lampert Bail Out Sears


Sears Holdings (SHLD) has certainly seen better days, and now the lagging company needs to be propped up with a short-term loan from CEO Eddie Lampert’s ESL Investments. Bruce Berkowitz of Fairholme might join in the rescue of Sears, and has informed U.S. Securities Exchange Commission that he may invest up to $100 million in the short term loan through affiliate St. Joe Company.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at
Thank you.

In a move that has been criticized by Wall Street, CEO Eddie Lampert has given Sears a $400 million short-term loan, of which $200 million has already been given and the other $200 million will be handed to Sears on September 30. The loan is intended to be used for corporate purposes, and has an interest rate of 5%. The deadline for repayment is December 31, but it can be extended through February if Sears doesn’t default on the loan.

Sears is in trouble, reporting a $573 million loss in 2014 or $5.39 per share compared to a loss of $194 million or $1.83 in 2013. Lampert was frank in his remarks on the conference call, “Our earnings are unacceptable, ” however, he mentioned cutting costs and adding promotions as ways to help patch up the situation. Who knows whether that will be merely a bandaid or if a real recovery is in store for Sears.



You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...


The Movie The Professional is what made Natalie Portman a Lolita.


After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.