The Jenga assets have had opposite results for investors that have kept those spun-off shares. Sears Hometown and Outlet Stores Inc (NASDAQ: SHOS ) has thrived away from the shadow of the parent while Orchard Supply Hardware Stores Corp (NASDAQ: OSH ) just announced a bankruptcy filing and sale of assets to Lowe's Companies, Inc. (NYSE: LOW ). Plenty of assets remaining Anybody following Sears knows that it has a ton of real estate assets and brands with interesting value potential regardless of the declining quality of the stores. The real estate assets alone could be worth more than the current market cap. As an example, Sears Canada recently agreed to vacate two store leases in Canada in a deal to raise nearly $191 million with an option on a third store for $53 million. Investors constantly claim that the stores have no value because the common approach is to attempt to value those assets based on what Sears has done with them and not what the value would be to a new retailer.