Camera specialist Jessops has collapsed into administration.
PwC was appointed administrator to the 192-store high street chain today.
Jessops’ core marketplace had seen a significant decline in 2012 and forecasts for this year indicated that the slide would continue, said PwC.
The position deteriorated in the run up to Christmas as a result of falling confidence in the retail sector.
Jessops had not generated the profits it had planned and the poor outlook was exacerbated by a credit squeeze in the supplier base, administrators at PwC added.
The group’s turnover in the year to 31 December 2012 was £236m.
Rob Hunt, joint administrator and partner at PwC, said: “Over the past few days the directors, funders and key suppliers have been in discussions as regards additional consensual financial support for the business. However, these discussions have not been successful.
“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.”
annabel.dixon@estatesgazette.com
