Sears raises $100 million in funding, in talks with lenders for better debt terms

(Reuters) - Struggling retailer Sears Holding Corp said on Wednesday it raised $100 million in funding and was in talks with lenders to improve the terms on its more than $1 billion of non-first lien debt, sending its shares up 5 percent in premarket trading.

The company said the new loan was backed by land leases and select intellectual property and would be entitled to raise a further $200 million with the consent of the lender.

Sears also said comparable-store sales during November and December fell as much as 17 percent, as shoppers continued to stay away from the embattled retailer's stores.

The company, controlled by billionaire Eddie Lampert, has reported 24 straight quarters of sales declines.

(Reporting by Siddharth Cavale in Bengaluru; Editing by Arun Koyyur)