Sears has gained approval from a bankruptcy court judge for a $350 million loan that would help keep the company running through the holiday season while it attempts to reorganize. The retailer reached a deal with Cyrus Capital Partners for financing just before a hearing in U.S. Bankruptcy Court for the Southern District of New York on Sears’ debtor-in-possession financing arrangements, according to CNBC. CNBC reported that Sears took the better offer from Cyrus, in the process rejecting a similar loan offered earlier this month by Great American Capital Partners. Click read more below for additional detail.
For the four weeks ended Jan. 24, 2015, same store sales increased 4.8 percent over the prior-year period. January front-end same store sales increased 2.9 percent. Pharmacy same store sales, which included an approximate 114 basis points negative impact from new generic introductions, increased 5.7 percent. Prescription count at comparable stores increased 3.5 percent over the prior-year period.
Same store sales for the 47-week period ended Jan. 24, 2015 increased 4.4 percent over the prior-year period. Front-end same store sales increased 1.2 percent while pharmacy same store sales increased 5.9 percent. Prescription count at comparable stores increased 3.6 percent over the prior-year period.
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