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.

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

The private equity option is certainly the best of all available options. It gives the company time without the shareholder and profit pressure to reorganize the business.

Marshall is a brilliant financial strategist. When it comes to working with Wall Street, he is a star in the food industry. Marshall closely cultivated relationships with analysts and institutional investors.

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.