My 2 cents regarding Walmart: Kmart is the #3 discount retailer in the US, behind Wal Mart and Target
Now that Pike in in the game and he has a connection with Edward Lambert who has a connection to Kmart/Sears which is a competitor with Walmart. Look at where we can find Spongebob: Kmart, Costco, Ace, Shop Rite, Publix, Amazon et al. ... they are not direct competitors. I've looked in Target for spongebob and have not found any there as well.
IMO, if we don't see Spongebob @ Wal Mart or Target we start to cut down the angle regarding potential suitors for SPNG should there be an acquisition.
Also note that Kmart is part of the Sears Holding Corporation. Look at the header on the Sears Holding Corp Website. Lands End is there in addition to Kmart. http://www.kmartcorp.com/
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