The report of the company's growing distress in today's Wall Street Journal confirmed the point: Sears plans to close upward of 120 stores and make other changes to cut its losses. Its stock has plunged 46 pct. the past year.
The WSJ quotes Credit Suisse retail analyst Gary Balter predicting the problems will only get worse:
"It begins and , some would argue, ends with Sears' reluctance to invest in stores and service, effectively asking customers to pay for a poorer shopping environment than available at competitors and on line. We do not see how that will turn around."
Much of the Sears story has been known in the retail world for a long time - as well as in the Ohio governor's office. So shouldn't we also assume that Kasich's feathery $400 million offer was hardly more than grandstanding? It is, after all, the Kasich brand.