Thousands of Christmas bargain hunters hit the sales today as struggling stores prepared for a shopping frenzy that could make or break them.

Stores across the country cut prices by up to 90 per cent in a bid to survive the credit crunch. Debenhams is slashing as much as 70 per cent off in what it describes as its biggest-ever sale and Tesco also launched its largest round of price cuts. 

Matalan announced a 50 per cent cut and Top Shop, HMV, New Look, Carphone Warehouse and House of Fraser were all following suit.

Dave Robinson, a sales manager at the Comet store at Meole Brace Retail Park in Shrewsbury, said there were some big reductions.

He said: “There is a promotion we have started today. We had a bit of a queue this morning when we opened at 9am.

“Boxing Day is important to us as it is to most other retailers. We have selected deals which have seen prices come down by quite a hefty amount.”

A spokesman for House of Fraser in Telford said when it opened at 9am shoppers were immediately flocking in for the sales, which included price cuts on clothes and perfume.

Store bosses are hoping tomorrow will be the main day to bring in the crowds when the big names such as Marks & Spencer and Next open their doors.

Telford Forge Retail Park was expected to be packed with early bargain hunters today but a spokesman for Blacks said he expected things to get much more frenetic over the weekend.

He said: “We opened at 10am today, it is like a Sunday for us. We are not expecting it to be as busy as it will be tomorrow when Next opens.” 

But if the spending bid fails experts believe that by the end of January between 10 and 15 High Street names will go to the wall.

Music and games retailer Zavvi, with a number of stores in the county, became the third retailer in 24 hours to fall into administration on Christmas Eve, following tea and coffee merchant Whittard of Chelsea and menswear retailer The Officers Club.

l Bargain-hunters got an early start yesterday with many retailers starting sales via their website. PC World, Currys and Dixons said visitor numbers to the online sales sites were up from between 30 per cent to 40 per cent on last year. 

By Rhea Parsons