Shares of Sears Holdings Corp. plunged 12% in active morning trade Monday, putting it on track to close at an 8-month low. The struggling department store chain said that Bruce Berkowitz, chief investment officer of investment advisor Fairholme Capital Management LLC, was stepping down from its board of directors at the end of the month. Fairholme Capital controlled 28.9 million Sears shares as of June 30, which would make it the second-largest shareholder with 26.9% of the shares outstanding. The stock has now erased virtually all the gains it has made since it announced a $1 billion restructuring in early February. The stock has now lost 26% over the past three months, while the SPDR S&P Retail ETF has lost 0.4% and the S&P 500 has gained 3.9%.
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