Leading UK retailer of camera’s and photography equipment Jessops has today been placed into administration, putting at risk thousands of jobs unless a buyer can be found.
Jessops PricewaterhouseCoopers Administration News
The UK division of PWC (Price Waterhouse Coopers) has been placed in charge of dealing with the administration, appointed late afternoon on Wednesday 9th January 2013.
In the face of stiffening competition and a price war of camera’s, electrical goods and other related photography equipment, the popular and well known high street brand of Jessops is now facing a bleak future - if any at all.
The Jessops administration company immediately announced that it would be inevitable that some of the Jessops branches would close as a result of the not-so surprising news. A dramatic fall in sales during 2013 led to many industry analysts predicting trouble for Jessops in the UK, and the company which has been trading since 1935 has now gone into administration amid increasing cash flow problems and credit issues.
Jessops Redundancy Pay
Almost 2,000 staff at Jessops now face the long wait to find out what chance they have of firstly keeping their job, but if the worst happens then they will be seeking to secure the redundancy pay they are entitled to.
The Jessops administration news first started filtering through on the 9th January, with PWC stating: “Our most pressing task is to review the company’s financial position and hold discussions with its principal stakeholders to see if the business can be preserved. Trading in the stores is hoped to continue today but is critically dependent on these ongoing discussions. However, in the current economic climate it is inevitable that there will be store closures.”
Rob Hunt PriceWaterhouseCoopers / Rob Hunt PWC:
The joint manager of the Jessops administration Rob Hunt announced that the company had been dealt a series of blows which led to the decision to call in the receivers.
Jessops Vouchers Still Valid?
The administrators also took the unpleasant step of immediately announcing that any Christmas Jessops vouchers are not valid - any vouchers that people received will not be accepted. Also any returns of faulty or unwanted goods will not be accepted.
