The K-Mart - Sears merger was two sick companies joining together to make a larger sick company.
Sears seemed to get out of the mail order business about 30 seconds before the internet was invented and with it revitalized the mail order business. It, along with the now dead Wards and a few others, had a huge special place in the lives of rural Americans and it gave that all up.
As to its stores, Sears and K-Mart both should be looked at more as real estate companies than stores, because it owns many of its stores. Especially in malls, where Sears would "make" a mall by demanding ownership of its space and then the mall would make its money from the inside stores.
K-Mart stores have no purpose unless you live in some situation where Wal-Mart is not present. Sears stores now sell a weird combination of things that are better sold in non-mall "big box" stores which are more convinent for most people, such as paint, tools, and electonics; and things that are sold 100 other places, like clothes.
What it is doing now is trying to live by selling off real estate and fixtures. Eventually you run out of stuff to sell and the bill keep coming in.
When it all get liquidated, individual local real estate will get snapped up if valuable based on local conditions and others will just be left to rot. The trademark names like Sears, Kenmore, and especially Craftsman have some value. Other than that there is nothing there. Like the old TV brands, some huckster will sell "Craftsman" tools to oldster loyalists who will have no idea that they are cheap knockoffs.