Gary Balter News
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For Barnes & Noble Inc. founder Leonard Riggio to take his bookstores private, he may need to write a check for more than the entire company’s market value.
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When two companies merge to take on a market leader, the big kid on the block often suffers.
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Office Depot Inc. agreed to buy OfficeMax Inc. for $1.17 billion in a bid to revive a retailer that’s been losing sales to online rivals and Staples Inc., the largest U.S. office-supplies chain. The shares of both companies fell, with Office Depot dropping the most since April 2010.
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Office Depot Inc. and OfficeMax Inc. are discussing a merger with a deal possible this week, said a person familiar with the matter. The shares surged.
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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.
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Sears Holdings Corp. Chairman Edward Lampert’s selection of himself as the ailing retailer’s fifth chief executive officer in seven years shows the billionaire hedge-fund manager hasn’t taken his critics to heart.
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Shares of Home Depot Inc. and Lowe’s Cos. -- the two largest U.S. home-improvement retailers -- are trading at the highest level in more than 10 years relative to the broader market amid signs the housing recovery is gaining momentum.
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When Kmart acquired Sears in 2005, Chairman Edward Lampert said the new company would have the geographic reach and scale to compete with Wal-Mart Stores Inc.
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Sears Holdings Corp. , the department- store chain majority-owned by Edward Lampert , dropped the most in almost a year in Nasdaq trading after comparable-store sales fell and the company predicted a first-quarter loss.
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U.S. stocks fell for the week, as the Standard & Poor’s 500 Index posted its biggest drop since June, on concern Europe’s debt crisis is worsening and stimulus measures may not be enough to boost economic growth.
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