Photo chain Jessops in administration, it is confirmed
11th Jan 2013 | 16:00
Vouchers no longer accepted while talks to save business start
Update 11/01/2013: Nikon has assured any Jessops customers who have purchased Nikon goods from the store will have their Jessops Photo+ extended warranty scheme honoured. Nikon plans to undertake all outstanding repairs as quickly as possible and will contact customers directly regarding repairs.
Update: PricewaterhouseCooper has been confirmed as the administrator for Jessops, according to Tweets from Retail Week editor George MacDonald. Vouchers will no longer be accepted in stores while the administrators hold talks with stakeholders to see if the business can be saved. Although trading will continue in stores, several closures are anticipated.
More than 200 stores are owned by Jessops in the UK, which announced earlier in the week that several would be closing after not meeting sales targets.
It's been a difficult few years for the chain, which was founded in 1935 in Leicester. Fighting increased competition from cheaper online stores, Jessops has tried several tactics including changing store layouts and offering unique printing and studio photography services.
Back in 2009 it avoided administration by securing a debt for equity swap with HSBC.
It's also thought that the rise in the popularity of cameraphones has made a significant dent in the profits of Jessops, which sells a large number of compact cameras.
Last year, chief executive Trevor Moore quit after three years in the top job to work for HMV.The company reported a £5.2m loss in 2012.
It's reported that PricewaterhouseCoopers will be appointed as the administrator for the retailer. Stay tuned for more updates as they happen.