Sears Holdings Corp (Nasdaq: SHLD) has been teetering on the edge of bankruptcy for years, but a new restructuring plan was enough to make investors giddy. The stock skyrocketed by about 30% during regular trading hours on Friday, but despite that, up-to-date data indicates that there’s no short squeeze going on, or at least not yet anyway.

Meanwhile, analysts seem unimpressed by Sears’ restructuring plan, saying it lacks one key piece of information: any shred of a plan to drive sales. The department store operator also released preliminary fourth quarter results, but it’s not the whole picture yet.

Sears Holdings announces restructuring plan

Sears said it can save $1 billion through its restructuring plan, which includes cost cuts and asset optimization. The company intends to consolidate the corporate and support functions for its Sears and Kmart stores. It will also use data analytics to optimize the product offerings at both stores. Sears will reduce its expenses and obligations using the proceeds from the sale of the Craftsman brand, its recent real estate transactions and improvements in operating performance.

Management also said they will keep evaluating options such as partnerships and joint ventures for it Kenmore and DieHard brands and its Sears Home Services and Sears Auto Centers businesses. However, they didn’t really discuss any plans to boost store traffic, and Moody’s and Fitch cut the retailer’s bond ratings because it’s been surviving on sales of assets and product lines. Sears is reworking its debt load again, and many analysts are concerned that the retailer needs $2 billion a year to fund operations and is running out of things to sell or put up as collateral.

Sears Holdings said it anticipates about $6.1 billion in sales for the fourth quarter, which is ahead of the consensus at $5.68 billion. It expects net losses of $535 million to $635 million as same store sales tumbled 10.3%.

Short interest in Sears to remain stable

Financial analytics firm S3 Partners reports that short interest in Sears Holdings has edged upward since late last month, but it’s still far below last year’s balances because its stock price has been falling steadily.

Short interest in the name now stands at $141 million, according to S3, which is a $4 million increase since the middle of last month but a $63 million decline from last year’s average short interest. The firm expects short interest to remain fairly stable where it is now because nearly all of the shares that can be loaned have already been taken down.

Sears Holdings rallies without a short squeeze

Interestingly, S3 Partners says there is no short squeeze in Sears Holdings right now, and short-sellers are actually still in the green on t heir positions. Last year they were up $75.1 million, “net of financing mark to mark to market P/L, up 36.66% fee.” Even after paying the average borrow cost of 31.3% on their average short position of $204.9 million, which puts financing costs at $65.3 million, short-sellers continued taking shares as the stock price fell.

They’re still in the green this year as well, recording $50.3 million net of financing through Thursday, said S3. Despite the $31.4 million today’s surge costs short-sellers, they’ve still gained $18.9 million on their positions year to date.

The firm said that while it has seen some short covering in Sears Holdings, it isn’t enough to call a short squeeze. However, it added that a short squeeze could be triggered if major lending shareholders like Blackrock, State Street and Vanguard sell out of their long positions. This would reduce the number of shares available to borrow, forcing short-sellers to return the shares they borrowed.