Why Sears Holdings Stock Dropped 11.5% Today

Shares of Sears Holdings (NASDAQ: SHLD) fell 11.5% Monday after the department store chain announced that Bruce Berkowitz has decided to step down from its board of directors. Berkowitz -- who also serves as Chief Investment Officer of Fairholme Capital Management and joined Sears' board in February 2016 -- will resign from his post effective Oct. 31.

In a separate SEC filing dated Oct. 13, Fairholme Capital reported it will unwind an unnamed fund -- later identified as Fairholme Partnership by sources speaking to Bloomberg -- and distribute shares to investors, including 3.14 million Sears shares and warrants.

IMAGE SOURCE: SEARS

Source: Fool.com