NEW LOOK SLASHES PRICES

STRUGGLING fashion chain New Look is slashing prices in an effort to steady the ship after agreeing to shut 60 stores.

The retailer has vowed to drop 80pc of its prices to under £20 as it seeks to secure a sound future in fast fashion. It lost £10.7m in the year to March 24 and suffered an 11.7pc sales fall at stores which have been open for more than a year. More worrying still, sales on its website dropped 19.2pc at a time when High Street players are trying to boost their internet operation.

In March, the company agreed a deal with creditors to axe 1,000 jobs and close 60 stores.

Executive chairman Alistair McGeorge said: ‘Our turnaround plan is now well under way.’