Bishop Research and Analytics
Research analyst, long/short equity, deep value, long-term horizon

Sears Holdings' Valuation Part Three: Multiple Valuations And Short Interest Fuel Volatility


Nine years ago this month it all began. In March 2005, Sears Holdings (NASDAQ:SHLD) was formed through the merger of Kmart Holdings and Sears, Roebuck and Co. after lengthy private negotiations throughout 2004 finally resulted in an agreement that was announced publicly in November 2004. As this month marks the nine year anniversary of the merger of the two flagging retail chains, it is an appropriate moment to evaluate the combination through the lens of the stock performance of Sears Holdings. In our previous reports on Sears Holdings, we conducted a provisional sum-of-the-parts analysis of the company in Sears Holdings' Valuation: Between Berkshire Hathaway And Bankruptcy in June 2013 that was followed by a comprehensive report detailing...

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