Pensions

Sears strikes deal that will allow it to sell properties to fund its pension

Sears strikes deal that will allow it to sell properties to fund its pension

Sears Holdings Corp. said Wednesday it signed a deal that will allow it to sell up to 140 more properties to finance a $407 million contribution to the company’s pension plans.

Hoffman Estates-based Sears said it struck the deal with the Pension Benefit Guaranty Corp., a federal agency that guarantees individuals’ pensions. If an insured pension plan shuts down without enough money to pay all benefits, the agency will cover those benefits, up to certain limits. Sears’ pension plans have about 100,000 beneficiaries.

The struggling retailer said it expects to raise the $407 million in pension contributions by selling the properties or using them to secure...

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