Cerberus has been in the lead in other supermarket sector bidding and has sometimes faded fast in the home stretch.

Kroger is making a superb strategic decision to move to the Everyday Living category because the brand has much more cachet. The path to higher consumer satisfaction and profitability is through a bigger and better portfolio of private brands.

There is a high hurdle for Macy's to clear.

I think Goldman Sachs, which was one of the strategic advisers, thought it was easier selling the whole company on a bundled basis.

Johnston came in with a lot of problems that were passed along by the prior regime that would take four to five years to dig out from.

While the top line has had some increases, the bottom line is a real cause for concern. The company continues to lose massive amounts of money with no signs of stopping the bleeding on the operating loss.