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.
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.
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.
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.
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.
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.