Sears Loses Its Biggest Outside Investor
After less than two years serving on the board, famed investor Bruce Berkowitz is resigning as a director of Sears Holdings (NASDAQ: SHLD) at the end of the month. Although he still has substantial holdings of Sears stock that go back to when Sears and Kmart were first merged -- and he hasn't sold a single share ever -- the fact he hasn't been able to accomplish his mission of returning the retailer to profitability or stopping its cash burn suggests there may be little hope it ever will.
Berkowitz joined Sears' board in February 2016 and noted that few people understood or appreciated that the real value of the company was locked up in its asset base, both real estate and a variety of well-respected brands. It wasn't Sears being a retailer that attracted him as an investor, considering he once claimed it would be "icing on the cake" if it ever became one, but rather in optimizing Sears' assets.
Image source: Getty Images.
Source: Fool.com
