Jessops to close all stores, PwC says
Around 1,370 job losses imminent with more to follow
By Gaurav Sharma | CFO UK | Published 17:11, 11 January 13
UK High Street camera and specialist photography equipment retailer Jessops is to close all of its stores, administrator PricewaterhouseCoopers (PwC) said on Friday.
In a statement, the advisory firm, which was called in as an administrator on Wednesday, said it was an "extremely sad day for Jessops and its employees.”
"The stock will be collected over the coming days and returned to a central warehouse. It will be returned to suppliers if they are entitled to it. As a consequence of the closure, Jessops is no longer able to accept returned product from customers," PwC added.
It said the decision regarding the closure was taken following unfavourable discussions with suppliers centring on their support for on-going trading. This support, according to PwC, was not “forthcoming.”
As a result of the move 1,370 jobs losses at 187 stores are imminent with more to follow at the Jessops' Head Office in Leicester.
PwC said, “We will continue to ensure that employees are paid as they assist us during the closure."
Jessops, founded in Leicester in 1935, has nearly 2000 employees. As CFOWorld reported on Wednesday, despite inking a debt equity swap with HSBC to free up additional funding in 2009, the retailer was unable to generate an effective turnaround. It now appears that Jessops only delayed the inevitable for a few years.
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