In a mad dash to liquidate excess inventories, chains are rolling out deeper and broader price cuts than last year, extending hours and offering even more generous promotions to their most loyal customers. The markdowns are particularly steep in clothing, which has been hit hardest by a consumer-spending downturn.
Barneys New York on Thursday began offering up to 75% off some clothes, reductions usually reserved for after-Christmas sales, when retailers make way for spring goods. Neiman Marcus Group Inc. also rolled out new sales Thursday offering as much as 65% off cashmere sweaters.
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However, many retail experts believe the efforts will fall short, noting that it would take an extraordinary surge to make up for weeks of slumping sales this year. Retail sales for the six weeks to December 13 are off 2
