Law Firm Kirby McInerney LLP Investigating Potential Claims on Behalf of Sears Holdings Corporation Stockholders

NEW YORK--(BUSINESS WIRE)--

Kirby McInerney LLP is investigating potential claims against the Board of Directors of Sears Holdings Corporation (“Sears” or the “Company”) SHLD concerning the short-term loan (“Loan”) it is taking from the hedge fund owned by its CEO.

On September 15, 2014, the Company announced that it entered into a $400 million secured short-term loan with entities affiliated with ESL Investments, Inc. (“ESL”). The Company's CEO and Chairman Edward S. Lampert is the sole stockholder, CEO, and director of ESL, which controls 24.8% of the Company. Further, Lampert individually controls another 23.7% of Sears. The Company stated, “The first $200 million of the Loan was funded at the closing on September 15, and, subject to the satisfaction of certain post-closing conditions, $200 million will be funded on September 30, 2014.” The Loan carries an annual base interest rate of 5%, upfront fee of 1.75%, and “is secured by a first priority lien on 25 real properties owned by the Borrowers.”

On this news, shares of Sears fell from $34.20 at open on September 15, 2014 to $30.37 at close on September 16, 2014, a drop of more than 11.1%.

If you are a Sears' stockholder and wish to obtain additional information, please contact J. Brandon Walker, Esq. by email at bwalker@kmllp.com, or telephone at (212) 699-1145, Melissa Fortunato, Esq. by email at mfortunato@kmllp.com, or telephone at (212) 699-1141, or toll free at (888) 529-4787, or by filling out this contact form. There is no cost or obligation to you.

Kirby McInerney LLP is a New York-based law firm concentrating in securities, whistleblower, antitrust and consumer litigation. For additional information, please go to www.kmllp.com.