Jessops may be about to snap its last. The 77-year-old high-street photography retailer is in administration, threatening 2,000 jobs.
Accountants PriceWaterhouseCoopers have stepped in to take over the ailing camera shop. The administrators will attempt to keep the business going, but told Sky News that store closures are "inevitable".
As of today, Jessops is not accepting gift vouchers or returned goods.
Jessops, founded in 1935, has already slimmed down to 198 stores over the past few difficult years -- the company closed many branches in 2007 and skirted dangerously close to administration in 2009, but HSBC bought nearly half the company in exchange for writing off the chain's £34m debt.
Sadly the reprieve has turned out to be temporary. Canon and Nikon -- the two main suppliers for any photography shop -- are reported to have squeezed credit terms, leading to today's crisis. Speculation that Canon would inject cash into the chain came to nothing.
It's been a tough year for the British high street. The biggest gadget shop to go under is Comet, which folded at the end of last year leaving a £50m unpaid redundancy bill to be footed by you, the taxpayer.
Comet also initially refused gift cards when it entered administration, although vouchers were later accepted again as the chain entered what turned out to be its final sale. A similar sale may be forthcoming at Jessops as administrators decide what to do.
Will you be sad to see Jessops go? Tell me your thoughts in the comments or on our Facebook page.
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anonymous 9 January, 2013 17:47
Terrible pity. Very few high street photography shops about now and I always found Jessops very convenient and they kept the little bits and bobs and accessories that the non-specialists don't bother with.
anonymous 9 January, 2013 17:50
More and more high street names will go in the next couple of years. I know of one shop (Tchibo) who shut down branches as the rents and rates were more than they took in sales. Most companies I know are trading on-line as they do not need as many staff or high priced premises. Greedy landlords, councils and parking fees have all shut the high street down now. I see the days coming soon when all shopping will be online.
anonymous 9 January, 2013 23:23
Local councils complain about the death of the High St. and empty shops, but they still whack up the business rates and deter shoppers by putting up parking fees and introducing anti-car road schemes.
No wonder shopping is moving to the big out-of-town warehouses and the internet.
anonymous 11 January, 2013 00:18
I worked for a camera retailer 8 years ago. It was the last independent photographic retailer in my city and struggled to keep up with the bigger stores like Jessops and Jacobs and at the time I viewed them as the enemy! crushing small businesses and a cold face to retail. It closed on Saturday after 40 years which saddened me greatly.4 days later I walked into work (now as a jessops employee) and was told that we are most likely not gonna be around for much longer. Now my personal predicament aside the one thing that struck me is that if we go, in my city there are now no camera shops left great or small. The closest thing to a specialist we will have is PC World or Asda Superstore! ..... Maybe in the end we shall all be left with web orders, review sites and Supermarkets