Instead of viewing the retailer's deteriorating stores as a reason to be bearish on the stock, they should be seen as a prudent decision that Sears will focus its investments on the future of retail, which is taking place online, Ingham said.
What's more, he argues that the company's loyalty program—a frequent target of criticism, as it offers members even steeper discounts without charging a fee—will help it retain customers as it shrinks its store count.
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"We're fully aware that if you look at it from a traditional perspective, as a traditional retailer ... it does basically look like it's going out of business," Ingham said. "[But] I do think that there is a profitable configuration of the assets."
Ingham, whose investment firm owns shares in Sears, said accelerated store closings make the company's financials look much worse than they are, as they have to ramp up spending to shutter the locations.
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But that temporary pain is necessary for the company to achieve long-term stability, Ingham said. And because the retailer has a lot of work to do to right-size its fleet—which included more than 1,800 domestic locations as of its most recent earnings report—spending cash to upgrade stores would be money poorly spent.
"They know they need less square footage," he said. "That's why they've invested less in what they know ultimately may no longer be relevant."