Business died for a few days, you've got a ton of inventory, so what do you do? You turn lemons into lemonade and make the week after Christmas more important with super sales and promotions.
Kohl's could be interested in buying a few of the Mervyn's stores as it expands its presence in the state.
I think its a brilliant strategy. Make small improvements that will boost sales even 4 to 5 percent over the next few years and that could lead to a dramatic turnaround for the company,
The performance of the company over the last few years has been very erratic. It's also a smaller player. It was time for Milstein to take it easy and make a gigantic pot of money and turn the ball over to someone else.
If you are able to build a few stores that are successful and bring in a couple of million dollars each, the department stores will come to you and you can make a deal.