Sears Holdings Tumbles on Eddie Lampert's $400 Million Loan

Shares of Sears Holdings tumbled on Tuesday making it TheStreet's Move of the Day. The holding company for Sears and K-Mart said it had secured a $400 million short-term loan from the hedge fund of its CEO Eddie Lampert. The loan matures by the end of the year, though with no event of default, that could be extended through to the end of February next year. Lampert's ESL Investments provided $200 million on Monday with the remainder to be issued at the end of September. The multimillion-dollar loan concerned investors rattled by mounting losses and desperate attempts to spin off assets. Fitch Ratings recently cut its credit rating due to cash burn.