To everyone who is quoting Eddie about no new customers. Listen to what "pgp" said. It is not that Eddie does not want anymore customers it is that he does not need customers to fulfill the plan for SHC (emphisis on the "Holding" portion of that name). The retail may still survive but it will be smaller (less physical stores) or maybe a specialized store (Diehard Auto, mattress and appliance store). Lets just say that Eddie decides to go with Mattress and Appliance store concept. So he would take the stores SHC owns and transfer them to another entity so they can be used in the future (this is Seritage).
Now some of the Seritage stores will be remodeled and leased to higher tenants than Sears. Some will be redeveloped into other uses (apartments, office space etc.) to be rented or sold. Others will be made into Mattress and Appliance stores. Now, with the new Mattress and Appliance store you will need delivery and service. Lo and behold SHC already has that in Invotel and A&E. But what about credit for people to buy the mattress and appliances? Lo and behold, SHC has SYW and 5321 Master Card.
How about if they went the Diehard Auto way? Lo and behold, they also have a stake in AutoNation.
SHC also has a reinsurance company, a franchise company (Sears Outlet and Home), business where they can get royalties without spending money (Craftsman, Kenmore, DIehard) (Now these deals may make more sense), they have a stake in Lands End, Monark premium appliances, and Wally home for the connected home ideas.
SHC is more than just Sears or Kmart. It is a company that can make money in many different areas and can "transform" into something other than a retailer. Sears and Kmart may survive in a much smaller way (maybe a few hundred stores) or they can go away, or SHC can sell or get royalties on the name. The skies the limit on what it may become.
Bumped from another thread for really good explanation. OP is @OZj257U-1ixz.