Jessops may be about to snap its last. The 77-year-old high-street photography retailer is in administration, threatening 2,000 jobs.
Accountants PriceWaterhouseCoopers have stepped in to take over the ailing camera shop. The administrators will attempt to keep the business going, but told Sky News that store closures are "inevitable".
As of today, Jessops is not accepting gift vouchers or returned goods.
Jessops, founded in 1935, has already slimmed down to 198 stores over the past few difficult years -- the company closed many branches in 2007 and skirted dangerously close to administration in 2009, but HSBC bought nearly half the company in exchange for writing off the chain's £34m debt.
Sadly the reprieve has turned out to be temporary. Canon and Nikon -- the two main suppliers for any photography shop -- are reported to have squeezed credit terms, leading to today's crisis. Speculation that Canon would inject cash into the chain came to nothing.
It's been a tough year for the British high street. The biggest gadget shop to go under is Comet, whichleaving a £50m unpaid redundancy bill to be footed by you, the taxpayer.
Comet also initially refused gift cards when it entered administration, althoughagain as the chain entered what turned out to be its final sale. A similar sale may be forthcoming at Jessops as administrators decide what to do.
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