Still, analysts warned that Sears Holdings might have to pay more to reach a complete takeover.

For the 13 weeks ended July 30, Sears Holdings' total revenue declined 2.1 percent from the period a year earlier, the company said.

That leaves about $100 per share that investors are paying for Sears Holdings' continuing operations.

But recent action in Sears Holdings' stock indicates some serious selling.

But there is nothing retiring about his main ambition for Sears Holding, the combined company, where he will be chairman.

Potential members may enroll in the rewards program at any Sears Holdings run outlet or online.

Sears Holdings announced the closing of all remaining stores in 2012.

Sears Holdings has begun cross-selling merchandise between its two brands.

On February 28, Sears Holdings made an offer of $4.55 a share.

Sears Holding has not commented publicly about the matter.