There won't be a deal for the whole company, just for parts of the company. If the price is decent for the parts sold then the stock will trade higher as any concerns about bankruptcy will fall away and the remaining debt will be upgraded. However, if the parts sold don't bring much then the stock may stagnate. Look for at least $2 billion on Save a Lot. if they don't get that then any sum of the parts analysis doesn't look so hot. Remember the huge leverage here. If the parts are worth $8 billion then the stocks worth nothing (ok, maybe some option value). That assumes $6 billion of debt and $2 billion of pension obligations. (present value, tax adjusted) If the sum of the parts are worth $10 billion then the stocks worth $9 and change a share.
speculation was the deal would happen before years end, obviously that did not happen. Either the offer is not rich enough for Wayne Sales and the board and they plan to proceed full speed ahead with their turnaround efforts or it will get done in the first month or two of the new year. I expect they will have to give a update come earnings in late January anyway.