Camera retailer Jessops has been placed into administration, with administrators saying store closures are "inevitable".
I understand that Jessops' bank HSBC had been trying to keep things going, but its suppliers, Nikon and Canon, kept cutting credit terms.
Jessops has suffered from years of uncertainty and managed to avoid administration in 2009 by securing a debt-for-equity swap with HSBC.
- Founded in Leicester, where its headquarters are still located today, in 1935
- Britain's only specialist nationwide camera retailer with 192 stores
- Employs about 2,000 people
- Underwent a major overhaul in 2007 with many stores closing
- Almost collapsed in 2009 but was rescued by its main lender HSBC in a controversial deal that saw the bank taking 50% of the business in return for writing off their loans.
Jessops photo store sounds like it is going to be the first victim of the high street in 2013 - Retail Week says it is about to go into administration.
The former boss, who had been credited with turning things around, left Jessops not long ago to try and save HMV.
PWC are likely to be formally appointed Jessops' administrators by the end of play today.