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.

Our 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.

– Rob Hunt, joint administrator and partner, price waterhouse cooper

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1,377 jobs go as Jessops shuts

Administrators are to close all of the failed camera chain Jessops' stores, with the loss of 1,377 jobs.