A couple of days ago, UK camera retailer Jessops entered administration (essentially bankruptcy), appointing PricewaterhouseCoopers as their administrator and putting them in charge of the store’s fate.
At the time, no official next step had been laid out as over a thousand employees waited to hear if administration would translate into “liquidation” or “restructuring.” Sadly, it seems the former was the choice, as BBC News is reporting today that Jessops will indeed close up shop, putting nearly 1,400 people out of a job.
At the end of trading today, all 187 Jessops stores still open will officially close their doors, with no intention of opening them up the following morning.
Apparently, the downhill slope started after subpar Christmas as relations with lenders and suppliers broke down. Once PricewaterhouseCoopers took the reigns, the first thing they did was to get in touch with suppliers and see what kind of support they could garner. The results, as you might have guessed, weren’t great.
Rob Hunt, joint administrator at PwC, called the decision “a horrible end to a very intensive couple of days.” He explained that all Jessops stock would be moved to a central warehouse and returned to suppliers, adding that the company would continue to ensure that employees are paid as they assist with the closure process.
(via BBC News)
Thanks for sending in the tip, Leigh!