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Jessops' debts are mounting

Jessops' debts are mounting - Jessops' sales are down and shareholders are unlikely to see any return.

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Category : Industry News
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Jessops logoShareholders with Jessops were told today that they are “unlikely to realise any value from their equity” as talks with Jessops' lenders continue.
 
In January we said that we were in discussions with our advisers and HSBC Bank and that it was highly likely that this exercise would involve a fundamental restructuring of our debt. These discussions continue,” said Jessops' Executive Chairman, David Adams in a statement today.
 
He continued, “Regrettably however, against the backdrop of the challenging retail environment and the historic level of debt, the board believes that it is unlikely that any value will be attributed to shareholders. Nevertheless we are still working with HSBC towards a solvent solution for the business.
 
The camera retailer also reported that in the six months to 31st March, like for like sales fell by 4.5% and their loss before non-recurring items and tax has grown to £5.9 million.
 
David Adams said: “Since my arrival at Jessops in 2007, the team has worked very hard in extremely challenging conditions to secure a successful future for the business. We have reduced costs wherever possible, worked closely with suppliers and explored a range of options to deliver a sustainable future for Jessops.”
 
Jessops' restructuring programme is still ongoing.
 
ePHOTOzine reported previous losses for Jessops in January.

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Comments


User_Removed 13 17.9k 8 Norway
27 May 2009 5:04PM

Quote:Jessops' restructuring programme is still ongoing.


Does it include the senior management?

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affleck 11 194 Scotland
28 May 2009 12:09PM
Went into Jessops Redhill today to buy a Nikon SB900 flash. It was on the shelf at 329. I asked 'is that the best price you can do it for?' and was told 'yes' Not even 'well sir, ill find out' The sales assistant is obviously unaware that any sale is a good sale in the current economic climate. Had he said 'I'll do it for 319' he would of had a sale as i had cash in my pocket. Oh well, bye bye Jessops.
johnboy6 10 8 United Kingdom
28 May 2009 4:19PM
I had cause to visit the Monk's Cross shared shop at York a couple of weeks ago to make an enquiry about a Canon 40D. It was midday, and we were greeted by the only other person in the shop, The manager. We were in there about half an hour, and the only person to come in was a courier. In the other part of the shop were 3 Carphone warehouse staff waiting to pounce on any unsuspecting member of the public, in the hope of a sale. In all the time that the the 2 shops have been trading there, I cannot remember them being so quiet. It was like "The Marie Celeste".

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