A statement from Jessops' administrators Price Waterhouse Cooper describes the reasons for the chain's financial troubles:
A representative from Jessops' administrators Price Waterhouse Cooper has released this statement:
Camera retailer Jessops has been placed into administration, with administrators saying store closures are "inevitable".
- 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.