Camera retailer Jessops goes into administration: Hull and Beverley jobs at risk
Administrators have been appointed for troubled camera retailer Jessops.
PricewaterhouseCoopers (PwC) has announced that store closures will be 'inevitable' and around 2,000 jobs at risk.
The company, which has a store in Hull and another in Beverley, is struggling with sales due to the increased popularity of camera phones which is hitting demand for digital cameras.
Rob Hunt, joint administrator and partner, PwC 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.
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"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."
Jessops, which operates more than 200 stores across the country, floated in 2004 at 155p per share, valuing the chain at £160m.
It managed to avoid administration in 2009 by securing a deal on its huge debts with HSBC.
Last year it suffered the loss of two senior figures. Trevor Moore quit as chief executive of Jessops after three years in charge to join HMV while chairman David Adams also left.
At present Jessops is not in a position to honour customer vouchers or accept returned goods.