U.S. Markets close in 1 hr 46 mins

Major investor unloaded Sears stock ahead of bankruptcy reports

New York Post
Major investor unloaded Sears stock ahead of bankruptcy reports

Struggling investor Bruce Berkowitz unloaded yet another chunk of his remaining Sears shares ahead of this week’s reports that the retailer may be headed for bankruptcy. Berkowitz’s Fairholme Fund — which years earlier had shelled out hundreds of millions of dollars on Sears’ stock, betting on a turnaround at the flailing chain — sold 141,000 shares between Friday and Tuesday, pocketing $138,368, Thursday regulatory filings show. The stock sales took place at prices between 61 cents and 65 cents a share — a far cry from the average of $61 a share that Berkowitz had paid for a stake that had made him Sears’ second-largest investor. Fairholme reps declined to comment, but it looked like Berkowitz got out when the getting was good.