2,000 jobs at risk as high street photographic chain Jessops goes into administration
HIGH street photographic chain Jessops has gone into administration, putting 2,000 jobs across the UK at risk.
The chain has run an outlet on Belle Vue Way in Swansea for 26 years and currently provides work for four people in the city.
Edward Williams, Rob Hunt and Matthew Hammond of PricewaterhouseCoopers (PwC) were yesterday appointed joint administrators of the chain which operates 192 stores across the UK.
PwC released a statement confirming Jessops position deteriorated in the run-up to Christmas as a result of reducing confidence in UK retail.
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Funding was made available to the company but Jessops has not generated the profits it had planned which in turn had an impact on its funding needs.
Jessops is not in a position to honour customer vouchers or to accept returned goods.
Mr Hunt said: "Over the last few days the directors, funders and key suppliers have been in discussions as regards additional consensual financial support for the business. "However these discussions have not been successful.
"Our most pressing task is to review the company's financial position and hold discussions with its principal stakeholders to see if the business can be preserved.
"Trading in the stores is hoped to continue today but is critically dependent on these ongoing discussions.
"However, in the current economic climate it is inevitable that there will be store closures."