There are three main investment themes when it comes to value of Sears Holdings (NASDAQ:SHLD):
- Bear case: Sears is dead as traditional retailer;
- Bull case: Sears has valuable real estate and brands portfolio which surpasses its enterprise value multiple times;
- CEO case: Sears can be transformed into successful cross channel retailer.
In this article I will cover all three cases and make suggestions of how a prudent investor should think with regards to investment in Sears.
Bear case: Sears is dead as traditional retailer
This case is well covered by popular media and loudly spread every time Sears reports earnings, quite often proclaiming Sears to be in a 'death spiral' with deserted stores and sales...
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