PwC: Trading to continue but store closures 'inevitable'
A representative from Jessops' administrators Price Waterhouse Cooper has released this statement:
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.
– Rob Hunt, joint administrator and partner, price waterhouse cooperOur most pressing task is to review the Company's financial position and hold discussions with its principal stakeholders to see if the business can be preserved.
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.
Jobs threatened as Jessops goes into administration
Some 2000 jobs have been put at risk as camera chain Jessops became the first retail casualty of 2013, with store closures "inevitable".
Jessops could become first high street casualty of 2013
Jessops looks set to become the first high street casualty of 2013 as the retailer is understood to be on the brink of administration.