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Jessops administration could lead to 2,000 job cuts

Jessops administration could lead to 2,000 job cuts
Around 2,000 people are at risk of redundancy after a major high-street retailer announced it has gone into administration.

Jessops, a leading photographic equipment supplier, has revealed this decision has been made on the basis that its core marketplace experienced a "significant decline in 2012" and forecasts for this year are similarly bleak.

According to the company, its financial position deteriorated further in the lead-up to Christmas because of the general decline in consumer confidence and even though additional capital has been made available to the firm by funders, its profit levels have not improved.

The organisation - which operated from 192 branches across the country - still experienced a turnover of £236 million last year, but this figure is seen as insufficient to keep the company going.

As such, Edward Williams, Matthew Hammond and Rob Hunt of PwC have been appointed as its administrators.

Mr Hunt commented: "Our most pressing task is to review the company's financial position and hold discussions with its principal stakeholders … [however] it is inevitable that there will be store closures."

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Posted by Trusha Vyas