Sears CEO to once again back struggling retailer

Eddie Lampert
Eddie Lampert acquired Sears more than 10 years ago.

Sears Holdings Corp. CEO Eddie Lampert will offer a $200 million letter of credit to the department store chain through his firm, ESL Investments Inc. The amount may be expanded to $500 million, pending the consent of lenders. Sears has suffered years of declining sales, losing about $9.4 billion in the past eight years. Lampert acquired the retailer more than 10 years ago, then sold off assets and real estate in hopes of returning to profitability. (The Denver Post)