Next shores up finances as sales crash in British lockdown
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LONDON (Reuters) - Next said it had sold property, suspended share buybacks and dividends and delivered higher cost savings to shore up its finances and get the British clothing retailer, whose quarterly sales plunged 41%, through the coronavirus crisis.The group said on Wednesday the decline in sales had been faster and steeper than anticipated in a March stress test, with store sales slumping 52% in the 13 weeks to April 25, its fiscal first quarter, while online sales dropped 32%.Next closed..