This is beginning to sound as if something might be stuck, preventing a shrink.

What is the SQL version?

Assuming SQL2005 or higher:

Are the log file and the data file on the...

If the objective is to regain space, you must not rebuild after shrink, no matter what percentage fragmentation. Rebuilding a large cluster can re-extend the data file with significant, if...

If this is a fairly large database, you will want to check the large tables for clustered indexes. Tables on heap shrink row-by-row which is painfully slow. The shrink will...

Great list. New one (undocumented) for SQL 2005 SP3 and higher: 8038. Use old 3 millisecond timer instead of new 1 millisecond timer. Set this trace whenever conflicts exist with...