Camera retailer Jessops shuts shop as Britain's gloomy economic scenario worsens

The New Year has begun on a bleak note for Britain, with one of its oldest high-street retailers, Jessops, announcing the shutting down of all of its 187 stores across the country and the sacking of 1,370 employees.
 
The camera retailer has been struggling for the past five years, as consumers are increasingly buying products online, or using cameras fitted on their hand phones. In 2011, Jessops reported a loss of £5.2 million.

The troubled retailer was rescued by HSBC in 2009 through a controversial debt-for-equity swap, which saw the company being taken off the stock markets.

PriceWaterhouseCoopers was appointed administrator of the company recently after talks between the lender and the suppliers broke down following yet another poor off-take of products during the Christmas season.

''It is apparent that we cannot continue to trade and as a result we have had to make the difficult decision to begin the closure of all 187 Jessops stores at the close of business,'' declared Rob Hunt of PWC. ''We are very grateful for the support we have received since our appointment and we will continue to ensure that employees are paid as they assist us during the closure.''

Hunt said stock from the stores would be collected and returned to suppliers.

The company had earlier lost its chief executive Trevor Moore, who left to join HMV. Chairman David Adams had also quit last year.