‘SLASH AND BURN’ FOR NEW LOOK

Prices plummet after £74m loss

FASHION giant New Look could be the next British high street casualty after posting a deficit of £74million.

Sales have plunged so dramatically that desperate bosses are slashing a whopping 80% of stock to £20 or less.

The flash sale is seen as a last-ditch bid to save the brand, days after it announced it would close 60 of its stores.

Takings at the troubled clothing chain are down a monumental 11.7% and its website sales have plummeted 19.2%, according to new figures.

The data contrast sharply with the rise of cheaper online rival Boohoo – owner of hugely successful brands Pretty Little Thing and Nasty Gal – where

SLUMP: New Look is to close 60 stores the average item cost is just £15 and sales are up 53%. Boohoo brands target customers aged between 18 and 28.

Chairman Alistair McGeorge said: “Last year was undoubtedly very difficult.

“Trading conditions will remain tough, but a focus on our core strengths will ensure we remain on the right track.”