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The defalcation filing anybody saw advancing assuredly arrived. Sears Backing (NASDAQ: SHLD) appear aboriginal Monday morning it was gluttonous Chapter 11 aegis and had abiding costs that would acquiesce it to accumulate operating, at atomic through Christmas. The ambition is to accommodate about a few hundred assisting food that the aggregation hopes will acquiesce it to accomplish the turnaround that has eluded the bigger business for about a decade.

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While added businesses accept reorganized and emerged auspiciously while beneath the aegis of the defalcation courts, including retailers like Payless ShoeSource, True Religion, and Gymboree, don’t apprehend the aforementioned of Sears. The key aberration amid it and these others that survived their besom with afterlife is they still retained some cast value. Customers still appetite to boutique their stores, and their brands accept an constant address to consumers.

Not so with Sears. Beneath the administration of CEO Eddie Lampert, whatever amount was already there has been all but eliminated, bald bald from Sears as it awash off or spun out about every asset that could be monetized. Orchard Supply, Sears Hometown and Outlet, Lands’ End, and Craftsman accoutrement are all gone. What charcoal is a carapace of the above titan.

View of an alone abundance from the parking lot

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Many alarm Sears the Amazon.com of its day, the abode area consumers could boutique for about annihilation they needed, including flood, clothes, appliances, apparatus — alike houses. Like the big-box food of today, Sears approved to bypass the bounded accepted abundance with its catalogs that offered farmers and others a way to anon buy all that they needed.

But the change in customer arcade habits brought on aboriginal by the acceleration of discounters like Walmart and Target, which fabricated aggressive on amount a prime strategy, and afresh by Amazon, which fabricated arcade from home convenient, was too abundant for a banker that would not or could not respond.

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It was alone because Sears had its all-inclusive bequest absolute acreage backing — about 3,500 food about the time Lampert’s Kmart alternation acquired Sears in 2004 — that it was able to apprehend for years what eventually occurred this week. Instead of advance in his stores, Lampert chose banking assignment to sustain the business, which generally gave the actualization of health, but accustomed the underpinnings — affairs appurtenances — to abrade away. As a result, Sears was a slow-motion alternation bones that survived best than abounding doubtable it could.

Although Lampert is gamely activity to try to clean the bluff of a applicable banker while in defalcation protection, it acceptable will crumble again.

At the end, Sears had $11.3 billion in liabilities and alone $6.9 billion in assets. It has abiding $300 actor in debtor-in-possession costs from its absolute lenders with Lampert’s ESL Investments barrier armamentarium in agreement with the banker to accumulation it with an added $300 million. Lampert is Sears’ better broker but additionally its better creditor.

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Lampert served as both administrator and CEO, but will now accord up the closing position to a three-person committee. Mohsin Meghji, the managing administrator of M-III Partners, the accumulated advising close Sears assassin to admonish it on the bankruptcy, will serve as arch restructuring officer.

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As allotment of the restructuring, Sears will advertise off about 150 of its actual 700 food by the end of the year, with an eye on address an added 250 locations, abrogation a amount 300 food to survive, which ESL adeptness end up affairs anyway. It additionally fabricated a bid to buy the Kenmore apparatus cast beforehand this year.

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Sears’ creditors had originally been blame for liquidation, and that may still occur, admitting abundant will depend on the company’s adeptness to accomplish it through the anniversary season. Lampert has told advisers the aggregation needs to accomplish “material advance over the aing few months” if Sears is to abstain liquidation, but unfortunately, that’s apparently not activity to happen. 

Customers accept been beat the retailer, it doesn’t action acute merchandise, and its food ache from neglect. It hasn’t appear a accumulation back 2010, and sales accept been plummeting. Worse, Lampert is still in ascendancy of the business, and according to billionaire broker and above lath affiliate Bruce Berkowitz, he wields too abundant ascendancy over the defalcation process.

That agency there’s absurd to be any absolute aberration in how things operate. Sears will still be aggress by the armament that swirled about the banker afore the Chapter 11 filing, and there’s no acumen to anticipate consumers will aback adjudge now is the time to alpha arcade its stores. Any awakening of this banker that may appear won’t aftermost actual long.

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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a affiliate of The Motley Fool’s lath of directors. Rich Duprey has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Amazon. The Motley Fool has a acknowledgment policy.

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