well, craftsmen was by sears own admission the jewel in the kcd crown so kenmore is worth less than $900 million and diehard at a push $100 million. Thats $1 billion an all going to the pbgc and it wont cover the deficit so the 125 properties will have to.
Real estate- well there's not much quality left really most of it is already tied up to loans- Sears sai they want to raise $1 billion from real estate but that is probably the majority but lets be generous and triple that to $3 billion. I know - but bear with me.
Innovel/Sears home services and auto centres- going to be generous and say $1 billion for the lot.
The inventory is now tapped out with loans and shrinking. So unless I've missed anything we are looking at $4 billion in assets that they could sell and get the money on- and that being generous.
Right now the 4th quarter losses will be somewhere between $800 million and the magic $1 billion mark. We know that the loans so far and the cash they had and the rest of the revlving credit facility will be swallowed up by that so whe we find out on Feb 25th they will be out of cash.
Now 2017 the operating losses should increase from 2016 given the cost of closing 150 stores/severance and the fact that sales are cratering, but lets be genenerous and say the losses for 2017 will be the same so around $2.5 billion. There is $500 million of loans due in July as well. Thats $3 billion needed in 2017 just to keep the lights on.
Being generous there's $4 billion of assets left. Thats if they could sell all of them asap. They could not sell all the real estate that quick
So, at best they could see this year out, but not much more.
If you think I've been too generous on the asset side of things then well you can work out how long they have.