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One of Sears' biggest defenders just revealed why he abruptly cut ties with the company

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.
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