NEW YORK (TheStreet) -- Jim Cramer said shares of Sears Holdings  (SHLD)   are "unraveling faster" than he had thought.

On CNBC's "Cramer's Mad Dash" segment, Cramer, co-manager of the Action Alerts PLUS portfolio, said that the company's Canadian business is losing value, though he had always considered it somewhat of "a savior" for the faltering retailer.

Co-host David Faber added that the key to any retailer's success is confidence.

For Sears, that confidence comes in the form of a $400 million loan from ESL Investments, the hedge fund run by Sears Chief Executive Edward Lampert, which Cramer said seems necessary in order for the company to purchase its products for the holiday season.

But Sears is plagued by one management issue: It continues to sell its best locations and brands such as Lands' End(LE) - Get Report while holding on to the underperforming assets.

-- Written by Bret Kenwell in Petoskey, Mich.

Follow @BretKenwell

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.