Sears Holidings (SHLD) is planning to sell anything it can as the struggling retail chain tries to convince investors that it is not going to wither away into oblivion. The message got through to Wall Street loud and clear.

Shares of the 119-year-old retailer soared in early morning trading, gaining more than 20% and hitting $63.09. The stock had plunged 56% last year, but made up lost ground this year as investors speculated that controlling shareholder Edward Lampert would take Sears Holdings private. Sears Holdings, though, isn't out of the woods yet.

Under the leadership of Lampert, Sears Holdings has tried to convince shareholders that a turnaround was just a quarter or two away -- only to disappoint. But on Thursday, the company announced plans to sell 11 retail locations to General Growth Properties (GGP) for about $270 million. Sears Holdings will also separate 1,250 smaller-format Hometown and Outlet businesses through a rights offering that the company expects to raise between $400 million and $500 million. It is also shuttering 120 poorly performing stores.

While it's nice that Sears Holdings is shoring up its balance sheet, the moves don't address the company's fundamental problem, which is a lack of customers. Sears has watched helplessly for decades as rivals such as Wal-Mart (WMT) and Target (TGT) siphoned away its business. Its brand identity is muddled. Can anyone describe what it means to be a Sears customer? I am at a loss for words.

There is plenty of fat for the company to trim. Sears Holdings has what it describes as "one of the largest corporate real estate organizations in the world," which it should probably sell. It should also unload the preppy catalog company Land's End, which it acquired in 2002 for $1.9 billion. Three years after the deal closed, Land's End CEO Mindy Meads was fired following a clash with Sears management.

Investors are now watching the wrenching decline of a once-iconic brand. The Hoffman Estates, Ill. company reported Thursday a net loss in the fourth quarter of $2.4 billion, or $22.47 a share, versus net income of $374 million, or $3.43 a share. Bloomberg News says the loss was Sears' largest since 2002. Revenue, which has dropped for more than a dozen straight quarters, fell to $12.48 billion. On an adjusted basis, profit was 54 cents. Wall Street analysts were expecting a profit of 54 cents on revenue of $12.44 billion.

Jonathan Berr is long Target.