Sears (NASDAQ:SHLD) continues to reduce its operating footprint. Its pension liability has been greatly diminished and the maturity date of most debt obligations have been extended beyond our senior bonds, which mature December 2019. Over the past few quarters, liquidity has been enhanced from a new credit card agreement with Citigroup and further monetizations of real estate assets. Sears securities are priced for doom, but we continue to expect additional asset sales and continued cost cutting will fuel outperformance in our remaining Sears investments.
From Bruce Berkowitz (Trades, Portfolio)'s second quarter 2018 Fairholme Fund (Trades, Portfolio) shareholder letter.
