What will the new company put them against if it is not making any money ?
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@1sbv You are absolutely right. The stores are secondary and under performing but the plan all along has been to sell the real estate to make money, thus more store closures.
Transferred losses will offset the future gains from real estate and other asset sales. This will help the company avoid paying taxes.
The losses will help Esl investments since it is apart of the same company