The board of directors are already talking about licensing or selling off Kenmore, Craftsman and DieHard.
KCD has to be the only significant asset left over, and letting other retailers in on KCD (or selling it off completely) will be the straw that breaks the camel's back.
http://fortune.com/2016/05/26/sears-craftsman-kenmore-diehard/
Pension Guarantee Trust is the first one at the trough if this thing goes toes up
A company can propose any fanciful plan they like, especially when they are in dire straits; there is nothing illegal about that. Whether they can or will pursue that plan is another matter entirely. Most of these proposed plans are nothing more than smoke and mirror routines used in an effort to placate vendors and investors.
I thought KCD was held for the pension. Can they sell this asset if it has been set aside to cover pension deficit? Seems kind of like an illegal move.
Slow death by thousands of cuts