Deathwatch - fashion disaster strikes the high street
Christmas sales figures are beginning to leak into the press, and like a sow in knee socks, it's not a pretty sight.
The Times reports that Marks & Spencer will announce massive job losses tomorrow, with nearly a thousand posts expected to be cut in stores and several hundred more in head office and support departments. The company is already in £3billion of debt, and sales over Christmas are said to have fallen by 8.5 per cent.
Mosaic - owners of Principles, Oasis, Karen Millen and Warehouse - have had an "emergency restructuring team" sent in from Deloitte; according to the paper, 5,000 jobs are at risk unless the business can be refinanced.
Meanwhile the BBC reports that sales at Next dropped 7 per cent in the six months to Christmas Eve, while Debenhams said its sales in the past 12 weeks had fallen 3.3 per cent.