When Levi Strauss & Co. was slapped this month with its first sell rating, Goldman Sachs largely blamed the weak U.S. wholesale market. But Levi’s top executive says that really comes down to one main laggard: Sears. Although the jeansmaker reported earlier this month that its U.S. wholesale business was down 2% in the latest quarter, the business is healthier than it looks, said Levi Chief Executive Officer Chip Bergh. That key division would have been up 2% excluding sales to Sears Holdings and the off-price retailers Levi has been intentionally weaning off. Read more at Fortune.