Holiday Sales Drop at Least 5.5%

Updated from 1:45 a.m. EST

By Lauren Shepherd

NEW YORK -- Bargain-hunters hit the stores early Friday to take advantage of drastic price cuts offered by retailers desperate to get rid of old merchandise and boost their less-than-cheery holiday sales.

Many retailers opened before 6 a.m., offering deals like 50% to 75% off on toys, furniture, electronics and clothing. J.C. Penney(JCP Quote) opened at 5:30 a.m. EST -- the earliest post-Christmas opening in the chain's history -- and offered customers more than 100 "door busters" until 1 p.m, including 75% off Christmas decorations. The chain even made wake-up calls to customers who signed up online. ...