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UK Camera Retailer Jessops May Enter Administration by the End of the Day

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Jessosps, one of the last of the UK’s national photography retailers, may be entering into administration by the end of the day, according to recent reports. The major retailer managed to narrowly avoid administration in 2009 after an unpopular deal with HSBC, in which the bank “forgave” some 34M pounds of debt in exchange for a near %50 stake in the company.

In May of last year another ray of hope appeared in the form of a potential $16M investment by Canon, but no such deal ever came to official fruition, although some sources report that an investment was made. Now, Jessops seems to be out of options, and administration may be just around the corner, with rumors pointing towards PricewaterhouseCoopers as the potential administrator.

If the term “administration” has you scratching your head, that’s because, in the US, we’re used to companies declaring bankruptcy when they’re in financial trouble (think: Kodak). In the UK, bankruptcy is limited to individuals, leaving companies options like liquidation and administration.

The news isn’t official yet, but many saw this coming as Jessops has continued to post losses quarter after quarter, leading to the exodus of both chief executive Trevor Moore and chairman David Adams.

None of the parties involved have been willing to comment on the matter, but hopefully (or maybe not so hopefully) we’ll have more definitive news for you later today, so keep an eye out for updates.

(via The Telegraph)


Update: BBC News has officially confirmed that Jessops has indeed entered administration, with PricewaterhouseCoopers appointed administrator. The chain will no longer accept gift vouchers or returns.


Image credits: Jessops, Croydon, London CR0 by Kate Pugh


 
 
  • DarrenWard
  • DLCade

    Thanks for the tip, Darren! The post has been updated.

  • michaelp42

    Terrible customer service. I can’t say I’m that surprised.

  • Scott M

    Administration must be “bankruptcy” in American? Like lorry and truck. Or chip and french fry…

  • Chris O

    I have no particular love of Jessops. I have often found the staff in my local Edinburgh branch to be remarkably lacking in product knowledge. But if Jessops disappears that will leave many towns and cities (including my home town of Edinburgh) without any real camera shops on the high street. When I first moved to Edinburgh 15 years ago there was 5 or 6 great camera shops that closed down one by one leaving just Jessops. Then 2 or 3 years ago there was a glimmer of hope when Jacobs opened a store in Edinburgh. Well, Jacobs didn’t last long, and went belly up last year, and if Jessops can’t be saved that’s it… no more specialist camera shops on the high street at all. I for one will be very sad about this, what ever I may have thought about Jessops!

  • http://www.facebook.com/duke.shin1 Duke Shin

    hmm.

  • siva

    Sad to hear but not surprised.

  • http://ingrained.co.uk Scott Mains

    Did you even address that there was a customer service issue? Or did you sit back and grumble to yourself?

  • http://ingrained.co.uk Scott Mains

    Cool first name, and last name initial. Administration is pretty much the last step before bankruptcy is taken. It’s the assessing of assets and isolation of unjustified costs before the business is either sold on to a new investor, or group of investors.

  • michaelp42

    Yes thanks. I went straight to the manager of one of the local branches and his attitude was awful. Never went back.

  • http://ingrained.co.uk Scott Mains

    I’m sorry to hear that. It has been noted that a few areas are lacking in the key areas of ensuring the customer has a positive experience. I’d like to think that our area is amongst the better parts where staff know their stuff and actually know how to interact with people. (South East), alternatively just name drop that you know someone from another branch, or the magic be all “Chris Yates” generally is enough to strike fear in the most inept of staff.

  • michaelp42

    I run a business that puts me in front of alot of amateur photographers, and very few it seems have much good to say about Jessops.

  • http://ingrained.co.uk Scott Mains

    Same, I operate tutorial sessions alongside a studio. While there are at times some negative comments made, the positives rarely go announced. Ultimately, at somepoint everyone will have a negative comment to say about a business or person, unfortuantely the negative perceptions stick despite actual changes to improve.

  • http://www.facebook.com/BigDaveP David Portass

    I’ve clearly had a better experience, the Derby Jessops were always really helpful to me, the staff were friendly even recognising me after bumping into a handful of them while I was covering a local music festival.

    The one thing that they did which was a god send was the 0% finance scheme which helped my buy both my D300s then 2 years later my D7000 which relegated my D300s to second body (crazy I know but the image quality and low light capability of the D7k is more desirable to me than the weight and 8fps while still being weather sealed), without this I would not have been able to afford either camera and help grow my business.

    If jobs are to be lost and branches closed which is an awful prospect regardless of the company, I hope a small number will remain and some peoples jobs will be safe guarded

  • Jonnay

    I’m just exited about the large discounts they would need to give during liquidation; but then again i would have a shop to go and check out cameras

  • Chris Blizzard

    I feel for the people losing their jobs, it’s pretty bad. But Jessops have had a long time to figure out what the problem is and find a solution but (at least from an outside perspective) done nothing. I don’t know anyone who likes shopping in jessops, so there must be plenty of opinions they could have gotten. My personal experience has been crap selection, overpriced, inept staff, low quality prints, and in a couple of stores, warning alarms constantly going off for display cases with no one stopping it…

  • http://twitter.com/KrisWould Kris Wood

    If it’s anything like what happened with Jacobs, the deals will only be available from the HQ in Leicestershire.

  • Tom Fox

    Fully agree. The 0% finance was brilliant. The staff at my local print shop at Whiteleys in London are great people. I’m going to go round there later on and offer my condolences

  • http://www.tom-waugh.com/ Tom Waugh

    It’s now confirmed that after only two days in administration, they are closing all 187 stores with the loss of over 1300 jobs. http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/9796466/1370-jobs-lost-as-all-Jessops-stores-close.html

  • http://www.facebook.com/BigDaveP David Portass

    I was going to go down at the weekend but now all closed. Such a shame to loose yet another local business (I know it was national with a website but they had a shop in derby employing derby people with money going back into Derby)