Bank won't renew Sears credit
HOFFMAN ESTATES --Bank of America Corp. said it wouldn't renew a $1 billion letter of credit under existing terms for Sears Holdings Corp., the retailer being reorganized by hedge-fund investor Edward Lampert. Losing the credit probably won't affect access to cash, Sears said in a regulatory filing on April 18. The retailer had $1.62 billion in cash as of Feb. 2, a 58-percent decline from a year earlier.
Article Comments
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked.
If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.