CHICAGO _ Sears Holdings has borrowed millions of dollars from affiliates of its CEO for the third time this month.
The struggling retailer disclosed a $60 million loan in a regulatory filing Monday.
Earlier this month, Sears borrowed $100 million from affiliates of Sears CEO Edward Lampert's hedge fund, ESL Investments. ESL agreed to lend up to $100 million more by Dec. 1 if Sears identified additional collateral to secure the loan.
Sears borrowed $40 million of that second $100 million on Oct. 18 and drew the remaining $60 million one week later.
The loan has an 11 percent annual interest rate and is secured by Sears' retail properties.
