It just dawned on me. Why would Eddie Lampert & ESL Investments go so “all-in” on all things Sears, and property?
After Bankruptcy and Liquidation hit, he and his Private Equity company can gobble up all the remaining assets, and Sears 2.0 will be re-created. His company will get additonal income stream generated from royalties from using the Sears brand by independently owned Sears Hometown Stores. Craftsman products have already been selling at other stores, and that’s a continued income flow for Eddie/ESL. Same with if Sears decides to fully let go of the Kenmore brand to Eddie & Co. Some of Sears stores that ESL/Eddie gobbled up that can’t find tenants will be re-born into Sears 2.0 stores. The wild card is the Sears Auto Centers. Will they be sold to Amazon for tire installation, or will Sears/ESL/Eddie hold onto the assets?
The gas may be almost out on Sears as we currently know it, but it’s brand and its Stores aren’t fully dead. (But Sears Gift Cards and SYWR Points are a completely different matter.)