By and and  on August 20, 2009

Sears Holdings Corp. continued to slash expenses and shutter stores in the second quarter, but the Hoffman Estates, Ill.-based firm couldn’t overcome weakness in apparel and a 10.3 percent sales drop and wound up with an unexpected $94 million loss.

The red ink took Wall Street by surprise and analysts continue to puzzle over chairman Edward Lampert’s plans for the company, which is losing market share and faces tough competition from Wal-Mart Stores Inc., Target Corp. and numerous other broadlines and specialty retailers.

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