Stampede for sales as shops fear the worst

Fears that a wave of high street retailers will go bust drove a frenzy of price cutting yesterday as shops made a desperate attempt to entice customers to spend.

Prices were slashed by up to 90 per cent in department stores, fashion outlets and supermarkets across the country for the Boxing Day sales, evidence of the growing sense of crisis in the retail sector.

Retailers called for an urgent government bailout to match financial assistance given to the banking sector and the auto-motive industry to protect three million jobs.

Fears that a wave of high street retailers will go bust drove a frenzy of price cutting yesterday as shops made a desperate attempt to entice customers to spend.