Posts Tagged ‘bankruptcy’

Jessops Brand Will Live on Online Thanks to UK Reality TV Star Peter Jones

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It looks like the Jessops name will be sticking around, even if the company’s 187 physical locations won’t. After going into administration (read: bankruptcy) a few weeks ago, and announcing that all stores would be closing, we thought that was it for the once-great UK photography chain.

But, as it turns out, the Jessops brand has found a savior by the name of Peter Jones, a UK entrepreneur made famous by the reality television show Dragons’ Den. The only catch is that Jones won’t be saving the physical stores (or the 1,300+ jobs that depend on them), he only wants the Jessops brand. Read more…

Jessops to Close All Stores, Putting 1,370 People Out of a Job

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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. Read more…

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. Read more…

Kodak Patent Bids Exceed $500M: Slow Climb Out of Bankruptcy Continues

Over the last year, no news has been good news for Eastman Kodak. The company’s slow and painful climb out of bankruptcy has involved everything from corporate greed to lost patent wars and sub-par auction outcomes. But just a few weeks ago a flickering light emerged at the end of the tunnel for Kodak in the form of $793M in conditional financing.

In fact, since we last reported on the story, the loan amount has gotten even bigger. That sizable $793M has been upped to $830M, every dime of which Kodak desperately needs to get its hands on if it ever intends to escape bankruptcy. But as the saying goes: there’s no such thing as a free lunch — and definitely not one worth $830M. The banks that have agreed to help Kodak out made the financing conditional: Kodak doesn’t get the money unless the company’s long-awaited patent sale exceeds $500M. Read more…

France’s Leading Photo Agency Files for Bankruptcy

Tough news coming out of France this week: Sipa Press, the country’s leading photo agency, has filed for bankruptcy protection. Michel Puech of the Le Journal de la Photographie reports that the filing came on November 22nd, and can lead to two possible outcomes: reorganization or liquidation.
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Kodak Snags Loan of $793M to Climb Out of Bankruptcy, With One Condition

Kodak has finally been thrown a lifeline. Yesterday, the beleaguered photography company announced that it had convinced banks to loan it $793 million in order to climb out of bankruptcy by the first half of 2013. The loan agreement comes with one big catch: Kodak must be able to sell its extensive collection of patents for at least half a billion dollars.
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The Bleeding Continues: Kodak Reports Loss of $312 Million

It seems like Kodak is having a hard time figuring out how to getting its finances back in the black. Kodak has announced its 3rd quarter financial results, and the numbers aren’t pretty — they’re downright ugly, actually. Despite raking in $1 billion over the three-month period ending in September (down 19% from the same period last year), the company still posted a net loss of $312 million (up from a loss of $222M during the same period last year).
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Another One Bites the Dust: Kodak to Scratch Consumer Printers From Roster

Kodak divisions are falling left and right as the company struggles to claw its way out of bankruptcy protection. After killing off its camera business and selling off its film business earlier this year, Kodak announced today that it will shortly be pulling out of the consumer printing business in order to focus on commercial printing.
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Kodak To Cut Another 1,000 Jobs in Order to Save $330 Million a Year

Kodak has announced that it’ll be shedding even more jobs in an effort to cut costs as it transitions into being a company solely focused on commercial printing and corporate services. Two weeks after announcing the sale of its photographic film business, the company is stating that another 1,000 pink slips will be issued by the end of this year as part of a $330 million cost cutting plan. This is on top of the 2,700 layoff notices already handed out this year, and the new round of cuts will reduce the company’s headcount to 13,400, down from the 145,000 employees it had during its glory days.
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Wolf Camera Liquidation May Be on the Near Horizon

Ritz Camera went under the hammer yesterday at a public auction, the latest chapter in the company’s efforts to figure out a profitable business model in the increasingly Internet-driven business of selling camera gear. Among the things on the auction block yesterday was Wolf Camera, the competing chain of photo retail stores that Ritz acquired back in 2001. If you’re a fan of Wolf Camera shops, here’s some bad news: their days may be very numbered.

A source just informed us that all Wolf Camera shops are slated to be liquidated. He heard from a Wolf store manager friend that the chain was purchased by a liquidation company at the auction, and that exact time frames will be announced soon.
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