Jessops camera chain falls into administration

Jessops falls into administration; becomes the first big high street casualty of 2013.

10:20 10 January 2013

Jessops, the camera retailer, has gone into administration on Wednesday putting 2,000 jobs at risk.

 

It becomes the first big high street casualty of 2013 after Comet, Clinton Cards, JJB Sports, and Game group experienced the same fate on the last quarter of 2012. PricewaterhouseCoopers (PwC) was the appointed administrator.

Jessops have been battling stiff competition over recent years from internet retailers and supermarkets. More and more customers are using their smartphones instead of buying cameras while professionals are mostly going online where they can get huge discounts.

 

Rob Hunt, joint administrator and partner at PwC, said that closing some stores is expected. He explained: "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."