Eddie Lampert is desperate. His Sears Holdings (NASDAQ: SHLD) will divide itself into several units to try to stop its hemorrhaging of customers. According to (subscription required) The Wall Street Journal, "the contemplated restructuring would create separate units to manage Sears's real-estate holdings and run brands such as Kenmore, Diehard, and Craftsman." How the stores-owned under brands like Kmart and Sears will be divided has not been disclosed.

Shares in Sears now trade at just above $89, down from a 52-week high of $195.18. The stock is down about 50% in the last year, while shares in rival Wal-Mart Stores (NYSE: WMT) are flat.

Why Lampert believes that moving his chess pieces around the table will work is anyone's guess. Pushing decisions about merchandise and brand marketing to divisions is no different than having "brand managers" under the current structure. Many successful companies, such as Procter & Gamble (NYSE: PG), are already run this way.

People don't want to shop at Sears and Kmart. The brands are dying.

Lampert is just grasping at straws.

Douglas A. McIntyre is an editor at 247wallst.com.

See also:
Zac Bissonnette's Lampert looks to shake things up at struggling Sears
Gary Sattler's Get off Eddie Lampert's back already, will ya?