Summary

The Sears and Kmart banners are continuing to disappear, with only 182 stores scheduled to remain in early 2020.

Sears and Kmart may only exist as online stores in the future.

The apparent continuing retail losses at TransformCo reduce the need for Sears Holdings' NOLs.

Sears's underfunded pension plan is certainly not a source of value, as it could still be paying benefits (albeit diminishing) until past 2060.