This article outlines some of the possibilities for Sears. I don’t disagree with their scenarios but they don’t add much in terms of the value of the various assets. I think many people are drastically understating the actual value of the real estate and long term leases. Also if housing does come back and appliance sales rise Sears could get a swoon of cash flow which could really help their financial condition.
http://finance.fortune.cnn.com/2012/04/04/sears-stock-eddie-lampert/?iid=SF_F_River
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