<PAGE>
 
                                                                   10.(i)(G)(4)


                                   WAIVER TO
                   POST-PETITION LOAN AND GUARANTY AGREEMENT


     WAIVER TO POST-PETITION LOAN AND GUARANTY AGREEMENT, dated November 7, 1997
(this "Waiver"), among MONTGOMERY WARD & CO., INCORPORATED, an Illinois
       ------                                                          
corporation and a debtor and debtor in possession ("Borrower Representative"),
                                                    -----------------------   
MONTGOMERY WARD HOLDING CORP., a Delaware corporation and a debtor and debtor in
possession ("Parent" or "Guarantor"), as Guarantor, the other Guarantors
                         ---------                                      
signatory hereto (together with Parent and the Borrower Representative, the
"Credit Parties"), GENERAL ELECTRIC CAPITAL CORPORATION, a New York corporation
---------------                                                                
(in its individual capacity, "GE Capital"), for itself, as Lender, and as Agent
                              ----------                                       
(the "Agent") for Lenders, and the other Lenders signatory hereto.
      -----                                                       


                                   RECITALS
                                   --------

     WHEREAS, the Borrower Representative, the Guarantors, the Lenders and the
Agent are parties to that certain Post-Petition Loan and Guaranty Agreement,
dated as of July 8, 1997 (as amended by the terms of the Waiver and First
Amendment to Post-Petition Loan and Guaranty Agreement dated July 30, 1997 and
as further amended, supplemented or modified, the "Loan Agreement").  The
                                                   --------------        
Borrower Representative and the Guarantors have requested that the Lenders agree
to waive, for the limited purposes set forth herein, certain provisions of the
Loan Agreement.  The Borrower Representative, the Guarantors, the Lenders and
the Agent have agreed, upon the terms and conditions specified herein, to waive
such provisions as hereinafter set forth.

     NOW, THEREFORE, in consideration of the premises and the mutual covenants
hereinafter contained and for other good and valuable consideration, the receipt
and sufficiency of which are acknowledged, the parties hereto agree as follows:

     SECTION 1.  Defined Terms and Interpretation.
                 -------------------------------- 

     (a)  The capitalized terms used herein which are defined in the Loan
Agreement, shall have the respective meanings assigned to them in the Loan
Agreement except as otherwise provided herein or unless the context otherwise
requires.

     (b)  Section headings in this Waiver are included herein for convenience of
reference only and shall not constitute a part of this Waiver for any other
purpose.

     (c)  No provision in this Waiver shall be interpreted or construed against
any Person because that Person or its legal representative drafted such
provision

     SECTION 2.  Waiver.
                 ------ 

                                       1
<PAGE>
 
     (a)  As of the effective date of this Waiver, Lenders hereby waive the
provisions of Section 6.3 of the Loan Agreement, for the limited purpose of
permitting the Borrower Representative to grant one or more Liens in favor of
any Person acting as a liquidation agent (the "Liquidation Agent") in connection
with the liquidation and sale of certain of the assets of the Borrower
Representative (the "Store Liquidations") pursuant to the terms of a valid and
enforceable order of the Bankruptcy Court entered in respect of that certain
Motion of Debtors and Debtors In Possession for an Order Authorizing Montgomery
Ward & Co., Incorporated to (a) Close Certain Stores, (b) Conduct Store Closing
Sales and (c) Enter Into an Agency Agreement with a Liquidation Agent, dated
October 17, 1997 (the "Motion"); provided, however, that (i) any such Lien shall
                                 --------  -------
only extend to the Inventory that is located at one of the stores or service
centers set forth on the list attached as Exhibit A to the Motion (the "Closed
Locations") on the date the physical inventory is conducted in connection with
the liquidation sale contemplated by the Motion and shall only secure the fees
and obligations owed to the Liquidation Agent by the Borrower Representative
pursuant to the Motion and (ii) the Borrower Representative acknowledges and
agrees that it is prohibited from, and shall not transfer Inventory to the
Closed Locations from any facility owned or operated by any Credit Party or
otherwise cause other Inventory to be located or stored at any of the Closed
Locations which has an aggregate book value in excess of $100,000.

     (b)  The Lenders agree that the Inventory sold pursuant to the Store
Liquidations shall not be included in calculating the amount of assets permitted
to be sold by the Borrower Representatives and its Subsidiaries pursuant to
Section 6.4 of the Loan Agreement during any fiscal year.

     SECTION 3.  Representations and Warranties True; No Default or Event of
                 -----------------------------------------------------------
Default.  The Credit Parties represent and warrant to the Agent and the Lenders
-------                                                                        
that on the date of and after giving effect to the execution and delivery of
this Waiver (a) the representations and warranties set forth in the Loan
Agreement are true and correct in all material respects on the date hereof as
though made on and as of such date (unless any such representation or warranty
expressly relates to an earlier date); and (b) neither any Default nor Event of
Default has occurred and is continuing as of the date hereof.

     SECTION 4.  Reference to this Waiver and Effect on Loan Documents.
                 ----------------------------------------------------- 

     (a)  From and after the date hereof, each reference in the Loan Agreement
(including in any Exhibit thereto) to "this Agreement," "hereunder," "herein" or
words of like import shall mean and be a reference to the Loan Agreement, as
affected hereby.

     (b)  From and after the date of this Waiver, each reference in the Loan
Documents to the Loan Agreement shall mean and be a reference to the Loan
Agreement, as affected hereby.

     (c)  The Loan Agreement, the Notes and the other Loan Documents, as
affected hereby, shall remain in full force and effect and the Loan Documents
are hereby ratified and confirmed in all respects.

                                       2
<PAGE>
 
     (d)  The effectiveness of the waiver evidenced by Section 2 hereof, shall
not, except as expressly provided herein, operate as a waiver of any right,
power or remedy of the Lenders or the Agent under the Loan Agreement, or
constitute a waiver of any other provision of the Loan Agreement or any other
Loan Document.

     SECTION 5.  Effectiveness.  This Waiver shall become effective upon
                 -------------         
receipt by the Agent of executed counterparts of this Waiver from the requisite
number of Lenders that comprise the Requisite Lenders.

     SECTION 6.  Governing Law; Binding Effect.  In all respects, including all
                 -----------------------------                                 
matters of construction, validity and performance, this Waiver shall be governed
by, and construed and enforced in accordance with, the internal laws of the
State of New York (without regard to conflict of law provisions) and any
applicable laws of the United States of America, and shall be binding upon the
parties hereto and their respective successors and permitted assigns.

     SECTION 7.  Execution in Counterparts.  This Waiver may be executed in any
                 -------------------------                                     
number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute one and the same agreement.

     SECTION 8.  Consent of Guarantors.  By their execution and delivery of this
                 ---------------------                                          
Waiver, each Guarantor hereby consents to all of the terms and provisions of
this Waiver and ratifies and confirms that each of the Loan Documents to which
it is a party remains in full force and effect and enforceable in accordance
with their respective terms.

                                       3
<PAGE>
 
     IN WITNESS WHEREOF, this Waiver has been duly executed as of the date first
written above.


                                        BORROWER:

                                        MONTGOMERY WARD & CO., INCORPORATED


                                        By: /s/ Douglas V. Gathany
                                           -------------------------------------
                                        Name:  Douglas V. Gathany
                                        Title: Vice President and Treasurer


                                        GUARANTORS:

                                        LECHMERE, INC.


                                        By: /s/ Douglas V. Gathany
                                            ------------------------------------
                                        Name:  Douglas V. Gathany
                                        Title: Assistant Treasurer


                                        AMERICAN DELIVERY SERVICE COMPANY


                                        By: /s/ Philip D. Delk
                                            ------------------------------------
                                        Name:  Philip D. Delk
                                        Title: Vice President, Secretary
                                               and Assistant Treasurer


                                        CONTINENTAL TRANSPORTATION, INC.


                                        By: /s/ Philip D. Delk
                                            ------------------------------------
                                        Name:  Philip D. Delk
                                        Title: Vice President and Assistant
                                               Treasurer

                                      S-1
<PAGE>
 
                                        JRI DISTRIBUTING, INC.                
                                        STANDARD T CHEMICAL COMPANY, INC.     
                                        WFL REALTY, INC.                      
                                                                              
                                                                              
                                                                              
                                        By: /s/ Philip D. Delk                
                                            ------------------------------------
                                        Name:  Philip D. Delk                 
                                        Title: Vice President and Secretary  
                                                                              
                                                                              
                                        M-W PRESTRESS, INC.                   
                                        MW DIRECT GENERAL, INC.               
                                        MW DIRECT LIMITED, INC.               
                                                                              
                                                                              
                                        By: /s/ Philip D. Delk                
                                            ------------------------------------
                                        Name:  Philip D. Delk                 
                                        Title: Secretary                     
                                                                              
                                                                              
                                        MONTGOMERY WARD INTERNATIONAL,        
                                         INC.                                 
                                        MPI, INC.                             
                                                                              
                                                                              
                                        By: /s/ Philip D. Delk                
                                            ------------------------------------
                                        Name:  Philip D. Delk                 
                                        Title: Assistant Secretary           

                                      S-2
<PAGE>
 
                                        BARRETWARD PROPERTIES CO., INC.  
                                        BRANDYWINE DC, INC.              
                                        BRANDYWINE PROPERTIES, INC.      
                                        BRETTWARD PROPERTIES CO., INC.   
                                        FIRST MONT CORPORATION           
                                        FOURTH WYCOMBE PROPERTIES,        
                                         INC.                            
                                        GABEWARD PROPERTIES               
                                         CORPORATION                     
                                        GARDEN GROVE DEVELOPMENT          
                                         CORPORATION HUGA REALTY INC.    
                                        JOSHWARD PROPERTIES               
                                         CORPORATION                     
                                        LECHMERE DEVELOPMENT              
                                         CORPORATION                     
                                        M-W FAIRFAX PROPERTIES, INC.     
                                        M-W PROPERTIES CORPORATION       
                                        M-W RESTAURANTS REALTY            
                                         CORPORATION                     
                                        MARCOR HOUSING SYSTEMS, INC.     
                                        MARYWARD PROPERTIES               
                                         CORPORATION                     
                                        MF NEVADA INVESTMENTS, INC.      
                                        MICHAELWARD PROPERTIES CO.,       
                                        INC.                             
                                        MONTGOMERY WARD                   
                                         DEVELOPMENT CORPORATION         
                                        MONTGOMERY WARD LAND              
                                         CORPORATION                     
                                        MONTGOMERY WARD PROPERTIES       
                                         CORPORATION                     
                                        MONTGOMERY WARD REALTY            
                                         CORPORATION                     
                                        MW LAND CORPORATION              
                                        NATIONAL HOMEFINDING SERVICE,     
                                         INC.                            
                                        998 MONROE CORPORATION           
                                        PAULWARD PROPERTIES CO., INC.    
                                        ROBERTWARD PROPERTIES             
                                         CORPORATION                     
                                        SACWARD PROPERTIES, INC.         
                                        SECOND MONT CORPORATION          
                                        7TH & CARROLL CORPORATION        
                                        SEVENTH MONT CORPORATION         
                                        618 CORPORATION                  
                                        619 CORPORATION                  
                                        THE 535 CORPORATION              
                                        THIRD WYCOMBE PROPERTIES, INC.   
                                        2825 DEVELOPMENT CORPORATION     
                                        2825 REALTY CORPORATION          
                                        UNIVERSITY AVENUE                 
                                         MARKETPLACE, INC.               
                                        WFL DEVELOPMENT CORPORATION      
                                        WYCOMBE PROPERTIES, INC.          

                                      S-3
<PAGE>
 
                                        By: /s/ G. Tad Morgan 
                                            ------------------------------------
                                        Name:  G. Tad Morgan
                                        Title: Vice President and Secretary


                                        GOODE FURNITURE COMPANIES, INC.
                                        MONTGOMERY WARD SECURITIES, 
                                         INC.  
                                        R M P DEVELOPMENT CORPORATION

 
                                        By: /s/ G. Tad Morgan 
                                            ------------------------------------
                                        Name:  G. Tad Morgan
                                        Title: Secretary



                                        MONTGOMERY WARD HOLDING 
                                         CORP.


                                        By: /s/ G. Tad Morgan 
                                            ------------------------------------
                                        Name:  G. Tad Morgan
                                        Title: Assistant Secretary


                                        JEFFERSON STORES, INC.

 
                                        By: /s/ G. Tad Morgan
                                            ------------------------------------
                                        Name:  G. Tad Morgan
                                        Title: Vice President and Treasurer

                                      S-4
<PAGE>
 
                                       AGENT AND AS LENDER:                   
                                                                              
                                                                              
                                                                              
                                       GENERAL ELECTRIC CAPITAL               
                                        CORPORATION                           
                                                                              
                                                                              
                                       By: /s/ James C. Ungari                
                                           -----------------------------------
                                       Name:  James C. Ungari                 
                                       Title: Its Authorized Signatory        
                                                                              
                                                                              
                                       LENDERS:                               
                                                                              
                                       THE CHASE MANHATTAN BANK               
                                                                              
                                                                              
                                       By: /s/ William P. Rindfuss            
                                           -----------------------------------
                                       Name:  William P. Rindfuss             
                                       Title: Vice President                  
                                                                              
                                                                              
                                       BANK OF SCOTLAND                       
                                                                              
                                                                              
                                       By: /s/ Annie Chin Tat                 
                                           -----------------------------------
                                       Name:  Annie Chin Tat                  
                                       Title: Vice President                  
                                                                              
                                                                              
                                       BANKAMERICA BUSINESS CREDIT,           
                                        INC.                                  
                                                                              
                                                                              
                                       By: /s/ Thomas G. Sullivan             
                                           -----------------------------------
                                       Name:  Thomas G. Sullivan              
                                       Title: Vice President                  
                                                                              
                                                                              
                                       BANKBOSTON RETAIL FINANCE INC.         
                                        (f/k/a GBFC, INC.)                    
                                                                              
                                                                              
                                       By: /s/ Michael L. Pizette             
                                           -----------------------------------
                                       Name: Michael L. Pizette               
                                       Title: Director                        
     
                                      S-5
<PAGE>
 
                                   BANQUE PARIBAS                               
                                                                                
                                                                                
                                   By: /s/ Mary T. Finnegan                     
                                       ---------------------------------------  
                                   Name:  Mary T. Finnegan                      
                                   Title: Director                              
                                                                                
                                   By: /s/ Duane Helkowski                      
                                       ---------------------------------------  
                                   Name:  Duane Helkowski                       
                                   Title: Vice President                        
                                                                                
                                                                                
                                   CREDIT AGRICOLE INDOSUEZ                     
                                                                                
                                                                                
                                   By: /s/ David Bouhl                          
                                       ---------------------------------------  
                                   Name:  David Bouhl                           
                                   Title: Executive Vice President              
                                                                                
                                                                                
                                   By: /s/ Dean Balice                          
                                   ---------------------------------------      
                                   Name:  Dean Balice                           
                                   Title: Senior Vice President                 
                                                                                
                                                                                
                                                                                
                                   THE CIT GROUP/BUSINESS CREDIT,           
                                    INC.                                        
                                                                                
                                                                                
                                   By: /s/ Nicole Cangelos                      
                                   ---------------------------------------      
                                   Name:  Nicole Cangelos                       
                                   Title: Assistant Secretary                   
                                                                                
                                                                                
                                   CITIBANK, N.A.                               
                                                                                
                                                                                
                                   By: /s/ John W. Podkowsky, M.D.              
                                       ---------------------------------------  
                                   Name:  John W. Podkowsky, M.D.               
                                   Title: Structured Finance Division, 0208389  
                                                                                
                                                                                
                                                                                
                                   CITICORP USA, INC.                           
                                                                                
                                                                                
                                   By: /s/ John W. Podkowsky, M.D.              
                                       ---------------------------------------  
                                   Name: John W. Podkowsky, M.D.                
                                   Title: Structured Finance Division, 0208389  
                                                                                
                                                                                
                                                                                
                                   FLEET CAPITAL CORPORATION                    
                                                                                
                                                                                
                                                                                
                                   By: /s/ Thomas E. Joyce                      
                                       ---------------------------------------  
                                   Name: Thomas E. Joyce                        
                                   Title: Vice President & Portfolio Manager 
     
                                      S-6
<PAGE>
 
                                      GOLDMAN SACHS CREDIT PARTNERS           
                                       L.P.                                   
                                                                              
                                                                              
                                                                              
                                      By: /s/ John Urban                      
                                          ------------------------------------
                                      Name:  John Urban                       
                                      Title: Vice President                   
                                                                              
                                                                              
                                                                              
                                      GREENTREE FINANCIAL SERVICING           
                                      CORPORATION                             
                                                                              
                                                                              
                                      By: /s/ Christopher A. Gouskos          
                                          ------------------------------------
                                      Name:  Christopher A. Gouskos           
                                      Title: Vice President                   
                                                                              
                                                                              
                                                                              
                                      HELLER FINANCIAL, INC.                  
                                                                              
                                                                              
                                                                              
                                      By: /s/ John Buff                       
                                          ------------------------------------
                                      Name: John Buff                         
                                      Title: Vice President                   
                                                                              
                                                                              
                                                                              
                                      IBJ SCHRODER BUSINESS CREDIT            
                                       CORP.                                  
                                                                              
                                                                              
                                                                              
                                      By: /s/ Alfred J. Scoyni                
                                          ------------------------------------
                                      Name: Alfred J. Scoyni                  
                                      Title: Vice President                   
                                                                              
                                                                              
                                                                              
                                                                              
                                      JACKSON NATIONAL LIFE                   
                                      INSURANCE COMPANY                     
                                      By:  PPM FINANCE, INC.                  
                                      Its Attorney-in-fact                    
                                                                              
                                                                              
                                      By:_____________________________________
                                      Name:                                   
                                      Title:                                  
                                                                              
                                                                              
                                                                              
                                      LEHMAN COMMERCIAL PAPER, INC.           
                                                                              
                                                                              
                                                                              
                                      By: /s/ Michele Swanson                 
                                          ------------------------------------
                                      Name: Michele Swanson                   
                                      Title: Authorized Signatory             

                                      S-7
<PAGE>
 
                                   NATIONAL CITY COMMERCIAL                   
                                    FINANCE, INC.                             
                                                                              
                                                                              
                                                                              
                                   By: /s/ Mark Hanak                         
                                       -------------------------------------- 
                                   Name:  Mark Hanak                          
                                   Title: Account Officer                      

                                      S-8