RETAIL BLUES: Sears warns it will consider ‘all options’ if efforts to refinance $1 billion fail.

While reiterating his belief that the department store has the right strategy to turn Sears around, Chief Executive Officer Eddie Lampert said should the refinancing “not be fully successful, the Company’s Board will consider all other options to maximize the value of Sears Holdings’ assets.”

“If we successfully complete the financing transactions we are contemplating, we will materially improve the financial strength and operating focus of Sears Holdings and provide meaningful reassurance of our viability to our vendors and business partners,” Lampert said.

Sears said its same-store sales dropped between 16 and 17 percent for the first two months of the fourth quarter, or what represents the crucial holiday shopping season.

Further debt restructuring at this point looks like throwing bad money after worse.