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Reuters Published
May 24, 2025
Sears Holdings Corp announced on Tuesday agreements with their lenders to extend a portion of its $500 million 2025 Secured Loan Facility and annuitize $515 million of its pension obligations.
The goal is to reduce the company’s outstanding debt and pension obligations of $1.5 billion for fiscal 2025.
Under the agreement, the struggling retailer will pay $100 million of the $500 million secured loan facility at its original maturity in July, and will extend the remaining amount until January 2025, with the possibility to further extend it for an additional six months to July 2025.
Meanwhile, the pension liability agreement to annuitize $515 million of pension liability negotiated with Metropolitan Life Insurance Company will pay future pension benefit payments to approximately 51,000 retirees.
“These actions serve to reduce the size of the Company's debt and pension obligations, as well as future risk associated with the Company's liabilities,” the company said in a news statement.