Sears is running out of ways to address its cash drain.

Even before Sears Holdings Corp. said this week it's consideringselling Sears Canada, the retailer had already been divesting realestate and pieces of its business such as Lands' End to raise thecash it needs to fund operations. That's left Sears, which facesoperating losses of more than $1 billion a year for the foreseeablefuture, with fewer attractive assets left to sell to keep pluggingthe gap, according to International Strategy & Investment GroupLLC.

“After Sears Canada, you look at what remains and there's not awhole lot before you get to the scrapping and junking,” LouisMeyer, a special situations analyst at Oscar Gruss & Son Inc.in New York, said in a phone interview. “This is like a long-termliquidation sale, and Sears is trying to spin off or sell anythingthat has value.”