Another article with much the same problems as Balter’s analysis above.

“But by starving existing stores of capital, Sears is no better than a homeowner who forgoes that new roof. It can only rain for so long before the roof starts to leak.”

Completely true, at least for the “beat-down Kmarts” I mentioned in the post. But only when the roof starts to leak on these SPECIFIC stores will Sears close them down, re-lease, liquidate, and allocate capital elsewhere.