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

Even before Sears Holdings Corp. said this week it’s considering selling Sears Canada, the retailer had already been divesting real estate and pieces of its business such as Lands’ End to raise the cash it needs to fund operations. That’s left Sears, which faces operating losses of more than $1 billion a year for the foreseeable future, with fewer attractive assets left to sell to keep plugging the gap, according to International Strategy & Investment Group LLC.

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