Sears Holdings is again tapping the pockets of CEO Edward Lampert.
The Hoffman Estates-based retailer said Wednesday that affiliates of Lampert's hedge fund, ESL Investments, agreed to loan the company up to $500 million, backed by mortgages on Sears' properties, to fund operations while it works to sell real estate to pay back debts.
Sears will receive $321 million immediately and can draw up to $179 million more in the future.
"This Loan Facility will provide Sears Holdings with additional financial flexibility and support our operations as we meet all of our financial obligations," Jason Hollar, Sears' chief financial officer, said in a news release.
It's the second time in a week that Lampert, Sears' biggest investor, has stepped in to fund the ailing retailer as it tries to slow shrinking sales and turn around losses.