Reasons for Jessops' financial troubles

A statement from Jessops' administrators Price Waterhouse Cooper describes the reasons for the chain's financial troubles:

Its core marketplace has seen a significant decline in 2012 and forecasts for 2013 indicate that this decline would continue.

In addition, the position deteriorated in the run up to Christmas as a result of reducing confidence in UK retail.

Despite additional funding being made available to the company by the funders, this has meant that Jessops has not generated the profits it had planned with a consequent impact on its funding needs.

This was exacerbated by a credit squeeze in the supplier base.

– 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.