A quarter of Jessops stores and over 500 jobs to go

Jessops, the UK's largest specialist high street photographic retailer, has annouced to the stock market this morning that it is to close 81 stores, leaving it with 234. Around 550 staff will be made redundant. Jessops explains that several stores that will close are in close proximity to other stores and some selected stores will be relocated.

Facing stiff competition from online vendors, Jessops lost £25 million in it's most recent half year results to the end of April. Jessops suggests that the restructuring announced today will only save some £15m. Ironically, one of the biggest competitors to the firm's high street chain is its own online sales effort, which some have remarked as being a canibalistic business strategy.

Three months ago Jessops share price dropped by over two thirds after a profits warning and has not recovered since.

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Big cuts at Jessops announced

DPNow Big cuts at Jessops announced
Jessops, the UK's largest specialist photographic retailer is to close a quarter of its stores and m... (more)

Ian Re: Big cuts at Jessops announced
It's very difficult to see how Jessops can get out of this mess. The stores are no longer the kind... (more)

peter Re: Big cuts at Jessops announced
Does anyone here have a good word to say about their local store? Is your store for the chop? We ... (more)

coupekid Re: Big cuts at Jessops announced
Well, I think it really depends on who you get to talk to in there. I believe that had the... (more)

devilgas Re: Big cuts at Jessops announced
on the whole, i've had good service from the cardiff jessops, but have found it really does depend o... (more)

Ian Re: Big cuts at Jessops announced
Interestingly, Jessops say that the remaining stores are profitable. I do agree that the variabili... (more)

Stephen Re: Big cuts at Jessops announced
I remember when the Jessops catalogue was printed on a broadsheet paper and you could spend hours po... (more)