Leicester-based camera chain Jessops closes all stores with loss of 1,370 jobs
Troubled camera chain Jessops today closed all of its 187 stores with the loss of 1,370 jobs.
The announcement comes two days after the Leicester-based group plunged into administration after hitting major financial problems.
The job losses include 27 staff at stores in Gallowtree Gate, Leicester and Cattle Market, Loughborough. Another 150 jobs are also set to go at the group's headquarters in Scudamore Road, Braunstone Frith.
Administrators PricewaterhouseCoopers (PwC) blamed a "significant" drop in trade in recent months for the cash crisis.
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They today announced the business, which has debts of around £28 million, did not have a viable future.
Edward Williams, joint administrator and partner at PwC, said: "Since my appointment, we have reviewed the position of the business and held extensive discussions with suppliers around their support for ongoing trading.
"It is apparent that we cannot continue to trade and as a result we have had to make the difficult decision to begin the closure of all 187 Jessops stores at the close of business today.
"Regrettably, this will result in around 1370 job losses across the stores with further job losses likely, in due course, at the head office in Leicester.
"The stock will be collected over the coming days and returned to a central warehouse. It will be returned to suppliers if they are entitled to it. As a consequence of the closure, Jessops is no longer able to accept returned product from customers.
"This is an extremely sad day for Jessops and its employees. We are very grateful for the support we have received since our appointment and we will continue to ensure that employees are paid as they assist us during the closure."
The announcement comes after former Jessops executive chairman David Adams yesterday said he made a bid to save the business last summer but it was rejected by HSBC, which has controlled the company since 2009.
Jessops was founded in Leicester in 1935 by Frank Jessop after he set up a store in Newarke Street.