Jessops enters administration, will close all of its stores (UPDATE)

Jessops 'close to administration'

UPDATE 11 January 2013: It’s been confirmed that Jessops will close all of its stores from today. Administrator PricewaterhouseCoopers has said all 187 stores in the UK will cease trading, resulting in the loss of about 1,370 jobs.

UPDATE: Sky News is reporting that Jessops will indeed enter administration, and has confirmed PricewaterhouseCoopers has been appointed administrator. Sky also reports that Jessops will not honour gift certifcates, nor accept returned goods. It is believed some 2000 jobs are at stake.

ORIGINAL STORY

Jessops is on the verge of going into administration, according to reports from industry observers.

Jessops 'close to administration'

It is believed that Jessops, the largest UK camera store chain, could go into administration at any moment, with accountants set to take over the business.

It has been reported that PricewaterhouseCoopers has been lined up as the administrator.

The struggling chain avoided administration in 2009 by securing a debt-for-security swap with HSBC.

But Jessops has since struggled to compete with online retailers and the rise of smartphone cameras, which have dampened sales of compact cameras.

We will update this story as more information becomes available.

Via The Guardian

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  • jmeyer

    We can understand your frustration. It’s a bit of a grey area at the moment with regards to returned goods and gift vouchers, but manufacturer warranties should cover you should anything go wrong with your new equipment. Also, it’s likely the staff at your local outlet were just as surprised as you to learn the news.