Bruce Berkowitz, chief investment officer of Fairholme Capital Management LLC, plans to leave the board Oct. 31.
Sears continued to struggle in its second quarter with declining sales amid heightened competition from the likes of Walmart to Amazon.
The storied retailer vowed additional spending cuts to offset its slowing business.
The company known for DieHard batteries and Kenmore appliances has been selling assets, most recently its Craftsman tool brand.
The pop star-turned-designer and Target teased looks Wednesday from a limited-time collaboration that go on sale in April.
CEO Edward Lampert said the company is making progress, focusing on its best stores and certain categories.
Macy’s said Thursday it plans to close about 100 stores next year and boost its online investments.
Long-struggling retailer Sears says it plans to try to leverage its strongest brands like Kenmore and Craftsman to help sustain itself.
The home appliance business represents a big opportunity for Penney since it’s been one of the hot areas in retailing.
Nordstrom plans to cut between 350 and 400 jobs as it looks to be more nimble at a time where shoppers are shifting their spending more online.