he sets newco up as a reit, gradually sells all of the stores (possibly keeping a few if he can figure out something to do with them as repurposed real estate), gets rid of all of the employees, keeps the 2 million sq. ft. corporate campus in hoffman estates (metro chicago) which is on 200 acres (owned by sears and part of the package on which esl bid) (together with a few tens of acres from the original 700 acres purchased there) which can spin off good rental income, lease out the warehouses, sell or continue the auto stores, etc. etc. etc. has at least 4 stores in hawaii (not sure what owned/leased mix is) which have to be worth more repurposed than sears retail.
just can't see him turning it around as a viable retail business. inventory is on the books at the lesser of cost or market and the owned real estate is on the books at the lesser of cost or market. probably a good deal of it is well on its way to being fully depreciated. they have around 30 warehouses with about 1/3 if them owned.
am pretty sure he has a plan which doesn't really include "saving" sears as a going concern, at least as we know it.