I would keep an eye on the cumulative redeemable preferreds. I'm overweight SRG so I don't know if I'd buy more common, but I regret not getting the preferred (SRG-PA) when it was down at $20 (callable at $25). It pays over 7%, is cumulative and when it dropped down to $20 the effective interest rate was +11% if I recall correctly. It's higher up in priority than the common in case of bankruptcy, has a $25 liquidation preferrence and if the common is investable then the preferreds are money good.
It's trading just under $23 now, so not a screaming bargain but if SHLD files for bankruptcy it might look attractive on the dip.