Posts Tagged ‘jessopsinsolvent’

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…