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10/01/2013
Jessops Goes Into Administration
Camera retailer Jessops has gone into administration following a significant decline in the marketplace in 2012.
PricewaterhouseCoopers (PwC) has been appointed as the administrator.
Jessops was founded in Leicester in 1935 and built up a reputation over the years which saw the company create 192 stores in the UK and employ about 2,000 staff.
PwC said that it was "inevitable" that some stores would have to close. It added Jessops had not generated the profits which had been predicted.
Jessops managed to avoid administration in 2009. It has now become the first high street retailer to go into administration in 2013.
Rob Hunt, joint administrator and partner at PwC, said: "Our most pressing task is to review the company's financial position and hold discussions with its principal stakeholders to see if the business can be preserved.
"Trading in the stores is hoped to continue today but is critically dependent on these ongoing discussions. However, in the current economic climate it is inevitable that there will be store closures."
(IT/GK)
PricewaterhouseCoopers (PwC) has been appointed as the administrator.
Jessops was founded in Leicester in 1935 and built up a reputation over the years which saw the company create 192 stores in the UK and employ about 2,000 staff.
PwC said that it was "inevitable" that some stores would have to close. It added Jessops had not generated the profits which had been predicted.
Jessops managed to avoid administration in 2009. It has now become the first high street retailer to go into administration in 2013.
Rob Hunt, joint administrator and partner at PwC, said: "Our most pressing task is to review the company's financial position and hold discussions with its principal stakeholders to see if the business can be preserved.
"Trading in the stores is hoped to continue today but is critically dependent on these ongoing discussions. However, in the current economic climate it is inevitable that there will be store closures."
(IT/GK)
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