Van Conway, CEO of Birmingham-based management consulting firm Van Conway & Partners, said the retail corporation’s current problems could have been predicted at the time of the Kmart-Sears merger.
“Why did anyone think that two bad companies would result in a good company? That never happens,” Conway said.
“A bad company with a good company can cause a bad company,” he added. “Two good companies will make a better company. But you can’t fix a bad company by merging with a bad company. And of course that was the only play left.