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Radio 5 Reporting Jessops Going Into Administration.


robob e2
11 1.0k England
9 Jan 2013 2:29PM
I worked for them 20 years ago, nice company to work for. I guess the high street is dead.

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Sus e2
10 3.2k 9 England
9 Jan 2013 2:41PM
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 e2
11 1.0k England
9 Jan 2013 2:44PM
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
9 6.4k 18 England
9 Jan 2013 2:49PM
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 e2
2 124 102 Scotland
9 Jan 2013 2:59PM
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
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 e2
7 4.1k 99 England
9 Jan 2013 3:11PM

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.
You might want to spend any Jessops gift vouchers now.Sad
pulsar69 10 1.6k 6 United Kingdom
9 Jan 2013 3:46PM
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 ...
SlowSong e2
6 4.8k 29 England
9 Jan 2013 3:48PM
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.
pulsar69 10 1.6k 6 United Kingdom
9 Jan 2013 3:51PM

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 e2
6 4.9k
9 Jan 2013 3:51PM
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 e2
11 1.0k England
9 Jan 2013 4:01PM
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?
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 e2
11 1.0k England
9 Jan 2013 4:09PM
The administrators (PWC) say they are not in a position to honour vouchers. Ouch!

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