We haven't heard much out of Sears Holdings since the company was created from the Kmart/Sears combination. Many people thought the stock, symbol SHLD, was too high at $125 when the merger closed in late March, fearing the merger of two bad retailers would simply create one large bad retailer.

However, there is still real estate value locked in the company that will be unleashed. Assets such as Lands End, Sears Canada, and Orchard Supply Hardware will add shareholder value once Chairman Eddie Lampert decides how to proceed with them. It appears after weeks of silence, Sears Holdings is beginning to revamp the company (see below). I hope investors got in a long time ago, but even if they didn't, the current $145 price tag has plenty of room left to grow.

From the company's May 9th press release:

Sears Holdings Corporation announced today that it intends to pursue alternatives for the separation of the company's Orchard Supply Hardware business, which could include a sale of the business or initial public offering. Orchard Supply Hardware is a leading chain of 82 hardware and garden retail stores located throughout California.

Alan Lacy, CEO of Sears Holdings, said, "Sears Holdings is focusing its management attention and capital on the opportunities in our core business presented by the merger of Sears and Kmart. While we continue to believe in Orchard's business model and growth strategy, we are pursuing alternatives to provide Orchard Supply Hardware with the capital to grow its store base, while at the same time providing appropriate value to Sears Holdings."