"Canceling a contract wage increase is a serious business," a retailing consultant who asked not to be identified said yesterday.

"It is a very clear demotion," said Kurt Barnard, a retailing consultant.

"Markups are better on private labels, so price cuts could be deeper too," said Mr. Posner, the retailing consultant.

"It's part of the American psychology to want to get a really good deal," said James Posner, a retailing consultant in Manhattan.

"You can't put a business like that in a hundred places," said Walter F. Levy, a retailing consultant.

H. Michael Hecht, the company's president, is 52 years old and is not considered a probable candidate, according to a retailing consultant.

"It's too bad for both companies that this didn't work out," Walter F. Loeb, a retailing consultant, said.

"Christmas music works," said Georgeanne Bender, a retailing consultant in Chicago.

"I can't tell if it's good for Sears," said Mr. Johnson, the retailing consultant.

"It would be a blow to the family not to have that much involvement," said Sid Doolittle, a retailing consultant in Chicago.