The High Street has taken an early beating in 2013, with Jessops the first victim. PwC has now confirmed that it has been appointed administrator of The Jessop Group Limited.
This places the future of 192 Jessops stores and approximately 2,000 staff at risk.
Rob Hunt, joint administrator and partner, PwC said: “Over the last few days the directors, funders and key suppliers have been in discussions as regards additional consensual financial support for the business. However these discussions have not been successful. In light of these irreconcilable differences the directors decided to appoint administrators and we were appointed earlier today.
“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.”
Jessops, which is the largest imaging specialist retailer in the UK, has struggled as the photography market has converged with the computing and mobile sector. Increase in online sales at the expense of bricks and mortar retailers hasn't helped.
The retailer has closed stores previously, most recently last year, and confirmed on Monday that 15 will be closing this year - ahead of revealing its plans to go into administration.
If you're a Jessops customer and have any vouchers hanging around, be warned. You will no longer be able to use them. Worringly for consumers with Jessops Christmas presents perhaps, it isn't accepting returned goods, either.
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