Wednesday, May 24, 2017

Sears gets more time to pay creditors

People shop at a Sears store in Schaumburg.Sears Holdings Co. has negotiated more time to repay debt and to shift retiree pension payments to an outside firm.

The struggling Hoffman Estates-based retailer gets to delay repayment of $400 million to creditors for six months. Sears also has worked out a deal for MetLife to pay about $515 million in pension payments for 51,000 retirees, the company announced Tuesday.. . . more

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