Speculation that Jessops will today go into administration.
Jessops, the UK's last national chain of photography stores, is reportedly about to enter into administration. A formal announcement is expected later this afternoon. Administration works to protect the company from creditors and reorganise the business so that a new viable company can be formed out of the old one. Success is not, however, guaranteed and as the Comet electrical goods chain showed, with no buyer willing to invest, the chain eventually closed completely. Customers with Jessops vouchers should check their status as soon as possible.
Only a few days ago there was news that Jessops was to close a number of stores that weren't performing adequately, but the numbers mooted were in the teens. At present there are around 200 Jessops stores across the UK. Canon UK also reportedly made a financial investment in last year.
Although Jessops has improved its financial performance and completed a programme of store refurbishments, as well as opening a re-vamped flagship show store in central London, the company has continued to lose money; around £5 million in the company's latest reported financial year.
Jessops of Leicester was founded in 1935 by Frank Jessops and grew to be the dominant high street photography specialist store in the UK. However, in the last decade the company has struggled to adapt to the revolution in online consumer retailing and the market saturation of digital cameras.
We'll bring any further news as we receive it.
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