"It makes you question the value of what Sears is sitting on," he said. "It may have to continue dismembering itself to stay alive today and shrink from inside out. " Sears has spun off other businesses over the past two years, including its Hometown and Sears Outlet stores and its Orchard Supply Hardware Stores, to raise cash. Sears Chairman and CEO Edward Lampert disclosed recently that his stake in the company has been reduced to less than 50 percent as investors pulled money out of his hedge fund. The news underscores the intense pressure facing the billionaire hedge fund manager, who took over as CEO in February to turn around the business. Sears and the company's Kmart chain have struggled as rivals have lured away customers over the years. Last year, Sears announced plans to restore profitability by cutting costs, reducing inventory, selling off some assets and spinning off others.