NEW YORK (TheStreet) --Shares of Sears Holding Corp. (SHLD) are lower by 2.60% to $26.96 at the start of trading on Monday, after the company's attempt to sell Sears Canada failed to generate any acceptable bids, which hurt Sears' chances of erasing a potential near-term cash infusion that might have exceeded $750 million, the New York Post reports.
Earlier this month an unsuccessful attempt by the department store to auction off Sears Canada was a core reason the company was forced to take a $400 million loan last week, in preparation for the upcoming holiday season, sources told the Post.
Sears has gone through almost $1 billion in cash during the first half of 2014 and is left with only $863 million on its balance sheet for the holiday shopping season, the Post noted.
Must Read: Warren Buffett's 25 Favorite Stocks
STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Last week, Sears stock began to slump after Credit Suisse issued a negative analyst note suggesting Sears should liquidate its assets while it can.
Additionally, the $400 million loan Sears is receiving from the hedge fund of its CEO Eddie Lampert is only enough to keep the company moving forward for three months, Bloomberg reported on Friday.
If Sears were to stay afloat for at least another two years it would need 10 times the capital, Bloomberg added.