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Radio 5 Reporting Jessops Going Into Administration.

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robob
robob  101022 forum posts England
9 Jan 2013 - 2:29 PM

I worked for them 20 years ago, nice company to work for. I guess the high street is dead.

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9 Jan 2013 - 2:29 PM

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Sus
Sus  93183 forum posts England9 Constructive Critique Points
9 Jan 2013 - 2:41 PM

http://www.guardian.co.uk/business/2013/jan/09/jessops-verge-administration-jobs-risk

Just spotted this in the paper and came on here to get the goss. What a shame.

robob
robob  101022 forum posts England
9 Jan 2013 - 2:44 PM

You know something is wrong when the Chief Exec and Chairman leave for other jobs in the space of a few months. Shame they did not tell the staff to look for other work.

JJGEE
JJGEE  96288 forum posts England18 Constructive Critique Points
9 Jan 2013 - 2:49 PM

There was a story on Monday that they were " poised " to close 15 stores.

If this new story is correct then the situation must have deteriorated quite quickly in less than 2 days.

ErictheViking
ErictheViking e2 Member 1124 forum postsErictheViking vcard Scotland102 Constructive Critique Points
9 Jan 2013 - 2:59 PM

Its really sad to see all the independent stores closing, internet is fine until you want to see and feel something.


Quote: You know something is wrong when the Chief Exec and Chairman leave for other jobs in the space of a few months

Chief Exec went to HMV, they reported recently having to close up to 60 stores
Maybe it was partly down to management as well as economic trends?

Eric

paulcookphotography

I used to work for jessops about 10 years ago and they were a great company. Just as i was leaving they were opening up a lot of small stores all over the pace and more than doubled the amount of stores in the Glasgow area. However a couple of years later all the new stores were closed and one of the original stores in the city. I always felt i got out at the right time, but its a shame to see a long-established company go down like this

Nick_w
Nick_w e2 Member 73848 forum postsNick_w vcard England99 Constructive Critique Points
9 Jan 2013 - 3:11 PM


Quote: You know something is wrong when the Chief Exec and Chairman leave for other jobs in the space of a few months

Whilst that is true here. Its not always so, a large number of major companies, often listed on the stock market, have as shareholders major financial investment houses, its common for CEO's, CFO's to move regularly - typically every 18 months to 2 years.

As for Jessops its bad news but not unexpected, they failed to move quickly enough to embrace the competition from online (eg WEX)- going for the "mass market" which tend to have products at low margin so they needed the thoughput. I wouldn't be surprised if they were trading with a year on year profit, but with an unsustainable debt level, where they were unable to meet aggresive bank covenants.

contemporary dave

You might want to spend any Jessops gift vouchers now.Sad

pulsar69
pulsar69  101611 forum posts United Kingdom6 Constructive Critique Points
9 Jan 2013 - 3:46 PM

From a personal photographic point of view Jessops have made the mistake of trying to be a small independent but sell mass market , every time i visited recently they didnt have the stock of items i wanted to see as they were too specialist canon 5d3 6d etc , Jacobs and others who are still going strong realised that there is a need for store to provide to specialists aswell as mass market and people will still shop with them and pay a little more for the service.

There is literally now going to be nowhere in our town to view cameras other than the argos and currys style know nothing about the stuff brigade , might as well shop in tescos for everything ...

Last Modified By pulsar69 at 9 Jan 2013 - 3:49 PM
SlowSong
SlowSong e2 Member 64365 forum postsSlowSong vcard England28 Constructive Critique Points
9 Jan 2013 - 3:48 PM

Oh bu**er. The store at Westfield was great for looking around and handling the new models. Nowhere near for me to go mooching about now. Suppose It'll save me some money though.

pulsar69, I think you'll find Jacobs closed all their shops a few months ago.

Last Modified By SlowSong at 9 Jan 2013 - 3:48 PM
pulsar69
pulsar69  101611 forum posts United Kingdom6 Constructive Critique Points
9 Jan 2013 - 3:51 PM


Quote: Oh bu**er. The store at Westfield was great for looking around and handling the new models. Nowhere near for me to go mooching about now. Suppose It'll save me some money though.

pulsar69, I think you'll find Jacobs closed all their shops a few months ago.

Crumbs , didnt even know ! are there any photographic chains left ?

thewilliam
9 Jan 2013 - 3:51 PM

Sometimes when an exceptional CEO retires, the new CEO is just not up to the job and the company folds.

When I first dealt with Jessops, back in the mid 1970s, they were the cheapest in town and they produced a monthly price-list that the whole industry used as a yard-stick. Then I had the impression that they couldn't decide which market sector they wanted to dominate.

Harrods and Kaufhaus des Westens dominate the very top end of the camer market yet probably never discount outside "Sale" time.

robob
robob  101022 forum posts England
9 Jan 2013 - 4:01 PM

Someone said they stopped selling secondhand gear. This was massive for them, I remember you could ring a department at their HQ and search for any item, if a shop in the whole chain had it, they'd transfer it to your local branch, fantastic, they would also part ex your old kit. Who's smart idea was it to stop dealing in used kit?

samueldilworth

This seems to be happening to almost all high-street shops. Since they’re presumably run by smart people (for the most part), there must be good reasons why they can’t adapt their business to online sales.

robob
robob  101022 forum posts England
9 Jan 2013 - 4:09 PM

The administrators (PWC) say they are not in a position to honour vouchers. Ouch!

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