The rising cost of Sears Holding Corp.’s debt load is imperiling funds the embattled retailer needs to finance its years-long turnaround effort, according to data from financial research firm IHS Markit cited by The Wall Street Journal.
Insuring $10 million of Sears bonds against default for five years has now ballooned to a record cost of $4.6 million annually, up from $3.3 million in September, according to IHS Markit. International ratings agency Fitch last month also listed Sears as a retailer in danger of default.
