The UK camera store, Jessops has today announced that it will be going in administration from today, appointing PricewaterhouseCoopers as their administrator, bringing around 200 stores and around 2,000 jobs into risk, and is a huge surprise after the company first avoided administration in 2009.
First founded in 1935 the store was founded by Frank Jessop who opened his first store in Leicester, after which it floated in 2004 but after some pressure from competitive online retailers like Amazon they have seen some decline in sales.
Sky News had reported that stores are expected to remain open, but Jessops will not be honouring any already issued vouchers or will be accepting returns and future store closures are claimed to be “inevitable”.
Source:: Sky News
[Update] The BBC reports that all of the Jessops stores will be closed with a job loss of 1,370.
All 200 of the current will be closed but staff will receive continued pay during the course of the closure, after which there will be no jobs or in fact stores left in the UK.