Reuters: Technology News: UK retailer Jessops enters administration

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UK retailer Jessops enters administration Jan 9th 2013, 16:26 Tweet Share this Email Print Related News Flat UK November retail sales raise risk of GDP contraction in fourth quarter Thu, Dec 20 2012 REFILE-UK Dec retail sales rise less than forecast - CBI Wed, Dec 19 2012 UPDATE 2-Ashley could reap $63 mln from Sports Direct bonus Thu, Dec 13 2012 UPDATE 2-HMV faces 12 critical days to avoid banking breach Thu, Dec 13 2012 Men stand outside a Jessops shop in central London January 9, 2013. Credit: Reuters/Paul Hackett LONDON | Wed Jan 9, 2013 11:26am EST LONDON (Reuters) - Camera specialist Jessops called in administrators PwC on Wednesday, becoming Britain's first high street casualty following a tough Christmas for retailers. The group, which operates from 192 stores and has around 2,000 employees, has seen demand for its digital products come under pressure from the rising use of camera phones and online rivals. Many British retailers have struggled recently as inflation, muted wages growth and government austerity measures squeeze household budgets. PwC said Jessops core marketplace has seen a significant decline in 2012 and forecasts for 2013 indicate that this decline would continue. Joint administrator Rob Hunt said the directors, investors and key suppliers have been in talks in recent days but to no avail. "Trading in the stores is hoped to continue today but is critically dependent on these ongoing discussions," he said. "However, in the current economic climate it is inevitable that there will be store closures." Jessops was not immediately available for comment. In 2012 a raft of firms fell into administration, a form of protection from creditors, including British electricals group Comet, Clinton Cards, Game Group and JJB Sports. Last year Jessops' Chief Executive Trevor Moore left to join fellow high street struggler HMV and in 2009 the firm managed to avoid administration after securing a debt-for-equity swap with its lenders HSBC. (Reporting by Neil Maidment and Lorraine Turner; Editing by Anthony Barker and Mike Nesbit) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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