Jessops, the UK camera retailer, fell into administration yesterday, putting 2,000 jobs at risk and becoming the first big retail casualty of 2013.
PwC, the professional services firm, was appointed as administrator to the chain – which is partly owned by HSBC and has 192 stores – after Jessops failed to secure fresh funding.
The company operates shops in Belfast, Derry and Newry. It closed an outlet in Dublin in 2007.
The company began life in 1935 when Frank Jessop opened a photography store in Leicester.
It has been grappling with consumers moving from stand-alone digital cameras to smartphones, as well as specialist photography purchases migrating to the internet.
PwC said Jessops’ trade had slumped in 2012 and the chain’s financial position had deteriorated in the run-up to Christmas.
PwC will review the company’s financial position to see if it is possible to keep stores open in the coming days.
– Copyright the Financial Times Limited 2013
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