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One of Sears' Biggest Defenders Just Revealed why he Abruptly Cut Ties with the Company

Business Insider
  • Bruce Berkowitz, a former Sears director and one of its biggest defenders, says the company's losses "wrecked" his hedge fund's performance.
  • "Sears realized billions of dollars from asset sales, as we predicted, but I did not foresee the operating losses that have significantly reduced values," he wrote in a letter to investors.
  • The letter marks the first time Berkowitz has spoken out about Sears since quietly leaving its board in October...
Mentions: Management Investors Hedge Fund