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Business Week: After the most disappointing holiday sales season in five years, retailers are turning to "desperation discounting" to rescue bleak holiday sales. From early bird specials to new "power hours" and savings of up to 80 percent, chain stores such as Macy's and Kohl's are trying a variety of tricks to resuscitate spending. Retail experts say that hoping for a full recovery from dirt-cheap prices may be wishful thinking, though gift-card sales could help ease the pain.

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