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Jessops Plans To Call In Administrators ...Again

It's been reported that Jessops owner, Mr Peter Jones, is seeking a rescue deal as the high street brand continues to struggle.

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Jessops London Store

 

Hight Street and online retailer Jessops has announced that administrators will, once again, be knocking on their door as the owner, Peter Jones, attempts to save the camera store chain. 


It's been reported by the BBC that stores haven't made a single profit since Mr Jones purchased the chain from administrators in 2013 and losses continue to rise. 

According to the report, Mr Jones will seek a company voluntary agreement (CVA) so the business can reach an agreement with its creditors to pay off debts which are done through an insolvency process. Sky News adds that they expect to see store closure and rent cuts as a result. 

Sources close to Jessops have told the BBC that Mr Jones 'still sees a future in the business'. 

 

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Comments


JackAllTog Plus
10 5.7k 58 United Kingdom
16 Oct 2019 4:38PM
A CVA seems like a no brainer for companies with expensive rents. It seems to me to say to landlords - accept less rent or lose us entirely. Forcing the landlords into a lose everything or lose something scenario whilst lease contracts run to their expiry date.
With so many companies doing it to try and reduce losses its likely many more will also look to see if CVA's can benefit their business.

Until virtual web companies and overseas companies pay similar overheads to sell to a particular nations people then i'd expect physical stores to become evermore innovative to reduce their overheads.

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16 Oct 2019 5:59PM
Each time I have been into Jessops to try and purchase an item they haven't had any stock, but tell me they can order it for me to collect tomorrow or a day when the deliveries come which is know good to me as I do not live near a store and my visit may be on an away day in a larger city. If I have to wait until tomorrow I may as well stop at home and order the item myself and probably get it cheaper anyway.
I know keeping stock ties up money but surely that is the risk a shop has to take or nothing will be sold. Spur of the moment purchases don't happen if the stock isn't there.I tried to purchase a DJi osmo action camera non in stock, I walked down the street to Argos and picked one up there! No Rotolights either, or Canon 5D MK4. They couldn't even show me a 70-200mm L Canon mk3 I dont know if they stock anything. Anyone else find this problem with Jessops? Not surprised if people cannot buy from the shop that the business is failing.

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