Eddie robbed Sears blind, if I recall correctly. He transferred all their real estate holdings to his own company.
You are correct, he has executed an almost perfect asset stripping exercise. The loans he has made to Sears were secured on the real property owned by Sears. Another management team would have moved Sears into the online retail space but that would have been in conflict with his long term strategy. There will be nothing left for the unsecureds and the shareholders.