Photography retailer Jessops is the first High Street casualty of 2013, going into administration today (January 9).
The closing of the decades-old chain leaves 2,000 jobs at risk in its 192 stores across the UK including one in The Mall in Luton.
Administrators said store closures were “inevitable” and at present Jessops is not able to honour customer vouchers or accept returned goods.
Joint administrator Rob Hunt from PwC said: “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.”
Turnover in 2012 was £236m, but Jessops did not generate the profits it had planned.
Administrators said its core marketplace saw a significant decline in 2012 and forecasts for 2013 indicated this decline would continue.