There have been quotes on this thread that show that Shop Your Way expenses are near $1 billion annually. The pension is draining about $400 million annually last I looked.
Those together account for an enormous amount of the cash burn.
I think the idea that all stores should close immediately may not be correct. I'd shut Shop Your Way immediately, fund the pension instead, then offer more pension buyouts (with pension assets not SHLD cash)
At this point, I'd either sell the remaining real estate to Seritage, or do what Seritage is doing. Speaking of which, what ever happened to the St. Paul MN, Rice Street project? That was announced four years ago and nothing since.