Wayne Hood Quotations

Within the past 24 hours, they've opened a number of different options that weren't available 24 hours ago. They could reemerge as a smaller, more competitive company with stable cash flow. If I were Wal-Mart, I would be more concerned now than if Kmart hadn't filed.

We did not see anything in the second quarter results that would cause us to alter our full year 2005 stand-alone estimate for Federated of $4.58 per share,

We believe potentially disappointing 2005 fourth quarter results, the prospects of a potential downward revision to 2006 First Call consensus estimates of $2.85 per share and slower square footage growth over the next five years are now reflected in the stock.

In our opinion, the next six months represent a critical time for Kmart, and we would not be surprised if the company were to file Chapter 11 bankruptcy if trends do not improve.

Clearly they're losing share to the specialty guys, and they're suffering really from a downturn in the economy. ...Unfortunately Saks is at the high end and the moderate end and both of those have suffered. On top of that, you have significant exposure to New York and the metropolitan region, so it's a double whammy with the economy and September 11.

The closings are important, but what is more important is the strategic direction they are going to take going forward, ... How are they going to improve profitability at existing stores?

The departure could not have come at a more inopportune time.