A crucial Christmas in store for three besieged UK retailers

London

AFTER a year to forget for British retailers, investors are betting some of the UK's major chains now face a make-or-break holiday shopping season.

Among those with the most at stake are department-store operators Debenhams plc and House of Fraser Ltd, as well as fashion retailer New Look Retail Group Ltd, owned by embattled billionaire Christo Wiese. Despite Black Friday promotions having been spread over two weeks in November, all three retailers are among the few still discounting by as much as 50 per cent.

That's adding to the strain wrought by soaring labour and sourcing costs exacerbated by the Brexit-induced weakness of the pound, as well as a squeeze on Britons' disposa…