How Sears sold the banks on its big refinancing

Sears, Roebuck and Co was able to refinance its bank credit lines because of the company's improvements in its merchandise and financial services operations, according to company treasurer Alice Peterson. Sears now has a $4.5 billion credit line that will be serviced by 55 banks. Additionally, Peterson said that though Sears may not be able to offer enough business to satisfy its creditors, she expects future bank consolidations to solve the problem. Additional commentary by Peterson on Sears' finances and the banking industry is presented.