"Transformco is very much operating" - Not by much and is desperate need of cashflow that they don't have.
"Transformco operates Sears and Kmart stores" Okay...that's a fact but what does it have to do with anything?? Again, they don't run them well, either.
"They are not currently liquidating" - Keyword there "currently" that doesn't mean they won't in the future. Even as you said that you couldn't even say "They are NOT liquidating" so what does that tell you?
"These are real stores with real buildings, merchandise, employees, customers, and sales" - Again, you are making statements that yes, are factual yet add nothing to your argument. Guessing what you are trying to do is make it sound like "OH THESE POOR WORKERS!!! HOW DARE YOU FILL THEIR HEADS WITH SUCH NONSENSE!!! HAVE YOU NO SHAME?! NO FEELINGS FOR THEM?!" Please...I feel at least over 50% of the workers in this company know they are going to lose their jobs, they are not naive like you think they are.