When two companies merge to take on a market leader, the big kid on the block often suffers.
Sears Holdings Corp. tumbled the most in 8 1/2 years after saying it will close as many as 120 stores, with a deeper-than-expected sales decline casting doubt on Chairman Edward Lampert’s efforts to turn around the chain.
Edward Lampert, Sears Holdings Corp.’s chief executive officer and largest shareholder, likes to ladle praise on digital retailers.
Office Depot Inc.’s purchase of OfficeMax Inc. won approval from U.S. antitrust regulators, clearing the way for the office-supply companies to create a single retailer to compete with Staples Inc.
"We believe this is a highly synergistic combination that has been essentially blessed by the FTC's wording from the ODP/ OMX deal, and can finally position the remaining player to compete with all the outside threats in retail, online and in serving corporate customers."
- Gary Balter on Dec 11, 2014