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Sears raises $100 million in new funding, sees holiday sales drop


By Vibhuti Sharma and Siddharth Cavale(Reuters) - Sears Holding Corp said on Wednesday it received $100 million in new funding as it tries to shore up cash to stay afloat after years of losses, and that its sales plunged in the key holiday season.The company, once the largest U.S. retailer, is saddled with $3.3 billion in debt and trying to boost liquidity after warning last March it had doubts it could continue as a going concern.Sears shares jumped as much as 7 percent as the cash injection and a forecast for a narrower fourth-quarter loss overshadowed the 16 percent to 17 percent drop in ...

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First Published: Thu, January 11 2018. 00:13 IST