business news in context, analysis with attitude

• The Chicago Business Journal reports that Sears Holdings - which had Q2 revenue of $5.7 billion, down $548 million from the same period a year earlier, and a loss of $217 million, marginally better than the $256 loss it had during the same period a year earlier - had to get a $300 million loan from its CEO, Edward Lampert, to keep going.

The story says that the $300 million "debt-financing loan ... will be secured against Sears' inventory, receivables and other working capital. The loan comes on top of a $125 million loan that Lampert made to the company in April."
KC's View: