Consistent with the evolution of Sears (NASDAQ:SHLD) the company is endeavoring to license three of their key brands to other products and retailers. Kenmore, Craftsman, and Diehard will be sold at other stores and the brand names can be licensed for other products. While their exclusivity drove traffic to Sears, the return on invested capital of Sears retail operation doesn't warrant the brands growth being hindered any longer. At T&T Capital Management we sold all of the Sears shares that we held at just above $80 per share. The stock has dropped to about $62.40 and if it continues to drop we will likely be interested in selling puts and/or buying stock outright.
Disclosure: I am long SHLD.