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Sears dealt latest blow as Berkowitz resigns from board

Former Walmart U.S. CEO Bill Simon on the future of retailers such as Sears, Kmart and JCPenney and the impact online shopping has on brick-and-mortar retailers. Video

Bruce R. Berkowitz has resigned from Sears Holdings Corporation’s (NASDAQ: SHLD)  board of directors, effective Oct. 31, 2017, after holding the post for about 20-months.

Sears is struggling. Last March, in a filing with the Securities Exchange Commission, Sears Holdings issued a going-concern warning letting investors know that the company faces serious financial risks.

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Last Thursday, Sears Holdings’ chairman and hedge funder Eddie Lampert loaned the company another $100 million to increase its liquidity ahead of the holiday shopping season.

Sears has closed both nameplate and Kmart stores this year. In August, Sears announced that it would close an additional 28 Kmart stores this year, in addition to the 150 Sears and Kmart stores it had already planned to close by the end of the third quarter.