The two things which give the Craftsman name value (or more accurately, gave) are, one, the implication of continuity, quality and support provided by a well known and formerly well regarded entity, and two, the floor space, both in each store and cumulatively across America.
I don't see anything equivalent to Sears that covers both bases. As far as floor space, the only places comparable are Walmart, Lowes and Home Depot, and the latter two already have decently regarded brands that they could have expanded had they wished. That just leaves Walmart, which is already in a nice relationship with Stanley, who seem to be willing to comply with the company's ever-present desire for reduced cost. There is Menards, but they are geographically limited. They do seem to have a strong emphasis on quality and value, so they may be the best possibility.
And then there is the question of who is standing behind the brand. If the Sears establishment goes away, Craftsman is just a name with former glory. By now, former brand value has been bought and looted so many times that customers are very wise to the phenomena, I can't see them buying on the name alone. It may have some nostalgia value to some people, but that demographic is aging, and similarly getting cynical about the superficial portrayal of quality. A strong supporting entity is key.
Otherwise, I just don't see any equally strategic, not to mention better niche available for the brand.
