I went shopping at a K-mart near my house today. The K-Mart has been there as long as I've been alive and I can remember shopping in it as a child...
It is certainly run down, BUT it is reasonably clean and well stocked (at first glance). Almost all of their clothing and shoes & boots are "house brands" or brands I've never heard of. Selection was OK, but not great in terms of sizes.
Physically, the store is in OK shape, but rough around the edges. The workers seem to be doing the best they can with limited resources. It was not the disaster that I was expecting after seeing reports on the interwebs of things being run down.
Check out was bad...too many questions, too slow, too many printouts & coupons. I very strongly suspect that if one were sharp & inclined to figure out....there could be all sorts of ways to game the system at Kmart-Sears when buying things.
They had good bargains on certain items...but other items were priced way too high.
Food & toys & hardware seems to be less well stocked than in years past.
Overall, this store seems to be putting up a valiant fight...but THERE IS SIMPLY NO WAY OUT. They are not going to be able to compete vs. Amazon, Wal-Mart, Cost-co, Meijers and others.
In my opinion, shutting down/bankruptcy is the only option. The only question is how long it will take.