The Bounty Bar Kid Posted January 9, 2013 Share Posted January 9, 2013 So Jessops is next on the hit list. Sad to see more people possibly losing their jobs. BUT... As soon as they start selling stock cheap I'm running in there! Had my eye on a few lenses, esp as two of them I want will set me back about £3k. Quote Link to comment Share on other sites More sharing options...
Aliensurfer Posted January 9, 2013 Share Posted January 9, 2013 I guess you need to just keep an eye on them and see what develops.. I'll get my coat Quote Link to comment Share on other sites More sharing options...
Wasso Posted January 9, 2013 Share Posted January 9, 2013 Really Jessops are going? I'm surprised, thought they had the market sold. Quote Link to comment Share on other sites More sharing options...
The Bounty Bar Kid Posted January 9, 2013 Author Share Posted January 9, 2013 http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/9790689/Jessops-collapses-into-administration.html Quote Link to comment Share on other sites More sharing options...
The Bounty Bar Kid Posted January 9, 2013 Author Share Posted January 9, 2013 (edited) Jessops stores across the country could start to close by the end of this week after the struggling photographic retailer collapsed into administration, putting 2,000 jobs at risk. The administrators to Jessops face a battle to rescue any of the company’s 192 shops after leading camera makers tightened the terms on which they sell products to the company following a downturn in the market. Rob Hunt, joint administrator for PricewaterhouseCoopers, said: “Without the support of certain people, we are looking at complete closure.†Mr Hunt said store closures were “inevitable†and could begin “in the next day or two†unless an agreement can be struck with suppliers, which include camera makers such as Canon and Nikon. “Jessops is critically dependent on half a dozen suppliers. Absent their support it is difficult to see how it could trade,†he added. In a brutal start to the year for the retail industry, on Wednesday online entertainment retailer Play.com also said it is to close down. At Jessops, it is understood that suppliers were concerned about the health of the electricals sector after Comet collapsed. Jessops’ own multi-million pound investment in a new modern store format, meanwhile, failed to drive any increase in sales in 2012 on the £236m reported the previous year. The company’s directors and main lender HSBC tried to strike a deal with suppliers to ease the financial pressure on Jessops but met “irreconcilable differencesâ€, said PwC. HSBC and Jessops employees owned the company and face being the main financial losers from its collapse. Jessops is estimated to have debts of £60m, including £30m of trade debt and £30m owed to HSBC, which the bank is now likely to lose. Ever since the retailer was floated in 2004 by ABN Ambro Capital with a value of £160m, Jessops’ camera sales have been under pressure from the rise of the internet, smartphones, and retailers such as Tesco moving into the digital cameras and accessories market. HSBC took control of Jessops through a debt-for-equity swap in 2009, which wiped out shareholders. As part of the restructuring, Jessops pension holders took a 33pc stake and management 20pc. Despite signs that Jessops was turning a corner under the leadership of Trevor Moore, who left last summer to take charge of HMV, the value of those stakes has now been eradicated. However, members of the Jessops’ pension scheme are protected because it was adopted by the Government’s Pension Protection Fund (PPF) in 2009. A spokesman for the PPF said: “We can reassure members that their PPF compensation is not affected by recent events at the company. The pension scheme did take a stake in the company in 2009 which passed to the PPF. These stakes are taken so the scheme can share in any turnaround of the business, which unfortunately in this case does not appear to have happened.†The collapse of Jessops came just hours after online entertainment retailer Play.com said it will make more than 200 redundancies as it closes its retail business to focus on its core “marketplace†activity. The Jersey-based company said it was responding to changes in legislation last year, which meant low-value items, such as computer games and DVDs, can no longer be sold without VAT from the Channel Islands. Edited January 9, 2013 by The Bounty Bar Kid Quote Link to comment Share on other sites More sharing options...
ATTAK Z Posted January 9, 2013 Share Posted January 9, 2013 Ultra-lase has gone too ... just before Christmas Quote Link to comment Share on other sites More sharing options...
Beavis Posted January 9, 2013 Share Posted January 9, 2013 Really Jessops are going? Yep, way over priced anyway. Another business that failed to compete with the online guys. http://www.jessops.com/online.store/categories/products/canon/eos-650d-digital-slr-camera-with-18-55mm-lens-86026/show.html http://www.digitalrev.com/product/canon-eos-650d-with-18/MTAwMDkzNw_A_A Quote Link to comment Share on other sites More sharing options...
The Bounty Bar Kid Posted January 9, 2013 Author Share Posted January 9, 2013 I didn't find them that expensive. I expect it depends on what you were getting. For me it was canon lenses. Quote Link to comment Share on other sites More sharing options...
JetSet Posted January 9, 2013 Share Posted January 9, 2013 I got my first digital camera from Jessop's in 1999, cost a fortune but it worked out cheaper than buying the same one from Dixons. Pete Quote Link to comment Share on other sites More sharing options...
Ricey Posted January 9, 2013 Share Posted January 9, 2013 I can believe that Play are shutting up shop! Quote Link to comment Share on other sites More sharing options...
marzman Posted January 9, 2013 Share Posted January 9, 2013 Really Jessops are going? Yep, way over priced anyway. Another business that failed to compete with the online guys. http://www.jessops.c...86026/show.html http://www.digitalre.../MTAwMDkzNw_A_A +1, its impossible to compete, and why should anybody pay over the odds for something? Quote Link to comment Share on other sites More sharing options...
Lexx Posted January 9, 2013 Share Posted January 9, 2013 Me and the wife were only saying a few weeks back that we were surprised some high street stores such as Jessops were surviving. Especially considering we never used to see anyone in our local one. Sad to see another name leaving the highstreet, but what do they expect when online shopping is easier and considerably cheaper for some items. I suspect strongly that HMV will be this years next casualty. I mean, come on. £15 for a CD that will cost me £9.99 in ASDA, £8.99 from Play, or £7.99 on iTunes. Ridiculous. Quote Link to comment Share on other sites More sharing options...
glrnet Posted January 10, 2013 Share Posted January 10, 2013 Jessops has been on the cards for ages, agree with Al, HMV will be next, you only have to look at the on line sales figures (best ever) for this Christmas and the continuing upward trend to know that specialist shops like these cannot survive in their current format. Interestingly one of most required job vacancies currently is for HGV1 drivers as more and more companies increase their on line delivery capacity. Quote Link to comment Share on other sites More sharing options...
ChrisS Posted January 10, 2013 Share Posted January 10, 2013 Online all the way for lots of people as it's cheaper and especially for people like myself. (Jessops for me was a 54 round trip) What they were good at a few years back was price matching. If you wanted something quick tell them the web site so they could check and they would match it. (well the one in Wrexham did) Quote Link to comment Share on other sites More sharing options...
Wasso Posted January 10, 2013 Share Posted January 10, 2013 Caught it all on the news this morning. Agreed online is easier and cheaper. Shops will be the thing of the past soon and instead just bars and clubs. Quote Link to comment Share on other sites More sharing options...
S1 HNK Posted January 10, 2013 Share Posted January 10, 2013 I guess you need to just keep an eye on them and see what develops.. Dont worry fella, your genius didn't go unnoticed :lol: 1 Quote Link to comment Share on other sites More sharing options...
spursmaddave Posted January 10, 2013 Share Posted January 10, 2013 WHSmiths & Waterstones next as everyone will be buying eBooks Same as anyone that sells CDs & DVDs or BluRay as everything will be digital and streamed... 1 Quote Link to comment Share on other sites More sharing options...
HaydnH Posted January 10, 2013 Share Posted January 10, 2013 Annoyingly I bought my brother Jessop's vouchers for the last 2 Christmas presents as he was saving up for a new lens... which are now worthless. I find it pretty disgusting that the store knew it was going under but stayed open long enough to sell vouchers over Christmas so that it can pay off it's major debtors with funds raised from what appears to be highstreet robbery! Quote Link to comment Share on other sites More sharing options...
Ekona Posted January 10, 2013 Share Posted January 10, 2013 They have to do that. It's the law. Quote Link to comment Share on other sites More sharing options...
HaydnH Posted January 10, 2013 Share Posted January 10, 2013 (edited) They have to do that. It's the law. Paying major creditors first is yes, taking money for vouchers they know they won't be honoring isn't. Edited January 10, 2013 by HaydnH Quote Link to comment Share on other sites More sharing options...
Ekona Posted January 10, 2013 Share Posted January 10, 2013 They have to stay trading normally, that's the problem. If they suddenly stopped issuing vouchers because they wanted to then that's fine, but if it's because they're about to go pop then they can't. It's all about insider information basically as I understand it, and it's a stupid rule that protects the people who have a vested interest in the company but not the people the company actually deals with, both suppliers and customers. Quote Link to comment Share on other sites More sharing options...
Squee Posted January 10, 2013 Share Posted January 10, 2013 WHSmiths & Waterstones next as everyone will be buying eBooks Same as anyone that sells CDs & DVDs or BluRay as everything will be digital and streamed... I thought the same as the WHSmith on the high street just sells odd crap like expensive pencil cases but apparently they are raking it in from their air port and station outlets. S. Quote Link to comment Share on other sites More sharing options...
HaydnH Posted January 10, 2013 Share Posted January 10, 2013 They have to stay trading normally, that's the problem. If they suddenly stopped issuing vouchers because they wanted to then that's fine, but if it's because they're about to go pop then they can't. It's all about insider information basically as I understand it, and it's a stupid rule that protects the people who have a vested interest in the company but not the people the company actually deals with, both suppliers and customers. Fair enough about insider info, although they're still selling vouchers now: http://www.jessops.com/directory/catalogue.ashx/categoriesLT;jessops_3/categoriesLT;jessops_3_114 Quote Link to comment Share on other sites More sharing options...
spursmaddave Posted January 10, 2013 Share Posted January 10, 2013 Jessops in the Metro centre was still open today Quote Link to comment Share on other sites More sharing options...
jjt Posted January 10, 2013 Share Posted January 10, 2013 Really Jessops are going? Yep, way over priced anyway. Another business that failed to compete with the online guys. http://www.jessops.com/online.store/categories/products/canon/eos-650d-digital-slr-camera-with-18-55mm-lens-86026/show.html http://www.digitalrev.com/product/canon-eos-650d-with-18/MTAwMDkzNw_A_A Not really a fair direct comparison... The camera from digital rev would be a grey import with no uk warranty, so you would have to rely on DR honoring the warranty themselves rather than the manufacturer... DR do have a great reputation though, and if it was a lens rather than a body I suppose you shouldn't really need to call upon the warranty... Quote Link to comment Share on other sites More sharing options...
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