Ah so full-on liquidation of the stores in question. that's good, of course their debt is secured by assets, including real estate, so you end up with a smaller company with lower revenue and lower debt but still haven't changed the fortunes of the company.
Also, the reduced store count will lead to increased unit costs for merchandise since the less PBY buys from vendors the less quantity discounts they get. So thus the profitabilty of the remaining stores will decreased. So lower revenue and lower margins will be what you end up with.
The bulk of the extremely valuable stores were sold back in the mid-2000's under CEO Stevenson, especially stores in SanFran and Sacramento. In hindsight they sold out at pretty much the high point so you can't say anything bad about it.
However, what's left ain't all that great. 232 company-owned stores, and let's face it they aren't all $5 million locations. Many of them are in long-dead neighborhoods but remain profiotable because the land and building is already owned, but the land and building would not be worth much to another party who would have to be profitable enough to cover the cost of the land and building today.
And then what? Seriously this is just parrotted gibberish. They can't make money even with owning the real estate and not having lease payment on some 200+ stores.
So then you want them to do sale-;easebacks and get cash on hand, but will now have more lease expenses killing the P&L. It's simply taking money from one pocket and putting it into the other. Unless there is some magic purpose for the cash that will improve the P&L too, but no one ever gets to that step.
It's always just "sell the real estate" which is a great liquidation plan (sarcasm) but doesn't really improve the company.