The problem with the first notion is that J.C. Penney’s real estate holdings are spread across the nation in relatively small parcels. This makes selling them rapidly or for a predetermine price difficult. And price from region to region could vary wildly.
The second notion may be even less likely. Sears already has proved that its retail management skills are wanting. Selecting the most successful stores, managing three brands that cater to the low end of the market demographically, and setting layoffs along with related charges would be nearly impossible, even for a well-run company.