Sears 2014 Annual Report Download - page 119

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SEARS HOLDINGS CORPORATION
Notes to Consolidated Financial Statements—(Continued)
119
secured by a security interest in certain assets consisting primarily of domestic inventory and credit card receivables
of the guarantor subsidiaries, and consequently may not be available to satisfy the claims of the Company’s general
creditors. Certain investments primarily held by non-guarantor subsidiaries are recorded by the issuers at historical
cost and are recorded at fair value by the holder.