CAMERA RETAILER Jessops is shutting down, with the administrator announcing that it will no longer be able to continue trading.
Last week Pricewaterhousecoopers (PWC) was appointed as administrator of the camera retailer, which has been operating since 1935, and announced that all of the firm's 187 stores will be shut. The Jessops website will also stop trading, and the closures will result in the loss of 1,370 jobs.
PWC administrator Rob Hunt said, "Over the last 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. In light of these irreconcilable differences the directors decided to appoint administrators and we were appointed earlier today."
As a result of the closures, Hunt said that customers will no longer be able to return products to Jessops, adding that the firm will no longer be able to accept customer's vouchers or return photo orders which weren't collected by Friday, 11 January.
Hunt added that it was an "extremely sad day for Jessops and its employees".
However, the adminstrator assured Jessops customers that manufacturers will continue to honour warranties sold through the retailer.
The closure of photo shop company Jessops comes just weeks after electronics retailer Comet was also forced to shut down, due to increased competition from supermarkets and cheaper online retailers. µ
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