Sears is looking to raise more cash, announcing that it is planning a rights offering that may raise up to $625 million.
The company, which runs Kmart and its namesake stores, also said Monday that it struck a leasing deal with European fashion retailer Primark. Its shares rose 23 percent to close at $34.96 Monday.
Sears said the rights offering will allow its stockholders to buy up to $625 million senior unsecured notes due in 2019 and warrants to buy shares of its common stock.
Sears’ lease agreements with Primark, an H&M rival, are for stand-alone stores in malls. Sears will still have a significant presence at six of the locations. Primark will lease about 400,000 square feet of space in the Northeastern U.S. over the next 12 to 18 months.
