On Thursday, Sears reported a revenue loss of 23.5 percent in the last quarter, with U.S. sales down 4.4 percent.

One bright spot for the parent company of Sears and Kmart is its real estate. Sears has proposed creating a real estate investment trust that would buy hundreds of its stores, and then lease them back to the company. That would give Sears a cushion of cash.

“It doesn’t seem like there is going to be a ninety-degree turn on a dime for the fortunes of this company,” says David Tawil with the hedge fund Maglan Capital. “It’s going to need to buy more time by having additional liquidity.”

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