Sears Lower After 8-K Reveals Resignation Of Board Chairman

Sears Holding Corp SHLD shares are trading lower by $1.00 (13 percent) at $5.77 in Monday's session.

Investors are exiting the stock after the company revealed in an early 8-K filing that Board Chairman Bruce Berkowitz will be resigning.

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After a lower open, Sears managed an 18-cent bounce to $6.42 before continuing its move lower. At this time, the stock is attempting to find support ahead of last Thursday's low ($5.52), which marked it lowest level since Jan. 2004 ($5.05), as $5.75 stands as the low for the session as of Noon EST.