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.

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.

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

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.