Sears to lease retail space to UK's Primark

Amsterdam

SEARS Holding Corp, the unprofitable department-store chain seeking fresh ways to raise money, will lease space to Primark Stores Ltd, a British budget-clothing retailer that's expanding in the United States.

Primark will set up shop in seven Sears stores in the Northeast, according to a statement. Separately, Hoffman Estates, Illinois-based Sears announced a rights offering that could generate as much as US$625 million for general corporate purposes.