Sears (and possibly Payless too) were mortgaged past the point of sustainability. That's fundamentally different from firms that accrued a lot of cheap debt, b

Sears (and possibly Payless too) were mortgaged past the point of sustainability. That's fundamentally different from firms that accrued a lot of cheap debt, but have an ability to service it even under conservative revenue models. If I have 10%+ profit margins and could increase my revenue with additional capital, why wouldn't I sell as many bonds as the market will eat, at current prices? Provided I'm not expanding in financially risky ways (e.g. opening new stores or other delayed-revenue choices), there's not much consequence even if the music stops playing. Which is why you saw Ford and GM announce they're hording enough cash for multiple years of downturn.