Daily Mail

90PC OFF AT M&S AS HIGH ST HORROR STORY CONTINUES

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IN the latest indication of how badly Britain’s High Streets are suffering, Marks & Spencer has launched a 90pc sale in stores and online.

The firm – fronted by This Morning presenter Holly Willoughby, pictured – has slashed the price of clothes.

Such discountin­g would have been unthinkabl­e a decade ago. But bricksand-mortar retailers are struggling to compete with online sellers that don’t have to pay for store space.

At the same time, a higher revaluatio­n of business rates in 2017 has forced some companies to relocate or even close shops. Big-name firms such as New Look, Topshop and Mothercare have all agreed to restructur­ing agreements called company voluntary arrangemen­ts to slash the rents they pay on their stores.

At the weekend it emerged that Primark was pushing for rent cuts after rival firms negotiated better deals.

In more gloom, Office Depot’s future was thrown into question after credit insurer Euler Hermes stopped covering the stationery retailer’s suppliers so they’d still be paid if the firm could not afford its debts. The move suggests Euler Hermes fears Office Depot could be in financial trouble.

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