Sears’ loss nearly doubles

NEW YORK (AP) — Sears Holdings Corp.’s third-quarter loss nearly doubled, dragged down by weak sales of appliances and clothing at its long-suffering Sears chain.

Business at its Kmart discount stores held up better, but a key revenue measure edged downward. The chain is expected to face even more pressure in the holiday quarter amid stiffer competition from rivals like Target and Wal-Mart. The miserable results renewed discussion on Wall Street on why the two chains combined in 2005 in the first place.

“They have to do something to stem this,” said Michael Dart, retail strategist at Kurt Salmon Associates. “You do get to a tipping point.”

Shares of Sears, based in Hoffman Estates, Ill., fell $2.50, or 3.8 percent, to $63.70 Thursday.

Tags: us business, business, sears, loss