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Sears Hometown and Outlet Stores enters term loan agreement

Sears Hometown and Outlet Stores Inc., a home improvement retailer spun off from Sears Holdings Corp. in 2012, and three of its subsidiaries entered into a $40 million term loan credit agreement with Gordon Brothers Finance Co. LLC, according to a Feb. 20 news release.

The five-year loan is secured by the second lien on the company's inventory, credit card receivables and other assets. The retailer used the proceeds to pay borrowings under its amended credit agreement dated Nov. 1, 2016.

Sears Hometown and Outlet Stores President and CEO Will Powell said the loan will also be used to invest in warehouse inventory.