Jessops heads into administration

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TheTurnipKing
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PostRe: Jessops heads into administration
by TheTurnipKing » Fri Jan 11, 2013 7:23 am

Donk wrote:
TheTurnipKing wrote:Online retailers are going to have to start subsidising retail stores, no two ways about it.


Why? It's not the online retailers fault that the high street retailers are for the most part entrenched in old wasteful practices.

I don't mean that they should literally subsidise existing chains, but treat retail as a kind of loss-leader on the costs of operating retail stores.

Mainly for their own benefit, as a place to physically demonstrate goods, and possibly as a pickup point for goods ordered online if you don't want them delivered to your home. They could also serve as "mini warehouses" to which popular stock could be sent and then sold retail or delivered locally, assuming their stock tracking system is good enough.

Amazon I believe was looking into opening it's own retail stores at one point and with the state of the high street it seems like this is going to be necessary sooner rather than later.

Something Fishy

PostRe: Jessops heads into administration
by Something Fishy » Fri Jan 11, 2013 9:43 pm

Apparently it was all shut down totally today,

It seems that once the admins got on there found the extent of it meant nothing could be done.

http://www.bbc.co.uk/news/business-20992125

Last edited by Something Fishy on Fri Jan 11, 2013 9:46 pm, edited 1 time in total.
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Sleighamorph
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PostRe: Jessops heads into administration
by Sleighamorph » Fri Jan 11, 2013 9:45 pm

Wow, that was fast. Even Comet lasted longer.

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Something Fishy

PostRe: Jessops heads into administration
by Something Fishy » Fri Jan 11, 2013 9:46 pm

Yeah things must have been dire. Two days.

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Ruud Gullit Sitting On A Shed
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PostRe: Jessops heads into administration
by Ruud Gullit Sitting On A Shed » Fri Jan 11, 2013 9:51 pm

Gone in a flash. They certainly made it snappy.

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YouSmellOfWee
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PostRe: Jessops heads into administration
by YouSmellOfWee » Fri Jan 11, 2013 10:01 pm

I guess their poor business model left them overexposed.

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Knoëleo
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PostRe: Jessops heads into administration
by Knoëleo » Fri Jan 11, 2013 10:46 pm

They must have really lost their focus.

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KK
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PostRe: Jessops heads into administration
by KK » Thu Jan 31, 2013 7:56 pm

BBC News wrote:Jessops brand sold to Dragons' Den's Peter Jones

The collapsed High Street camera retailing brand Jessops has been bought by a group including entrepreneur and Dragons' Den star, Peter Jones.

The company's administrators PricewaterhouseCoopers (PwC) announced the sale on Thursday evening.

PwC said: "We can confirm we have sold the brand and certain other assets to a number of buyers including entrepreneur Peter Jones CBE."

It is not currently thought that stores will reopen as part of the purchase.

http://www.bbc.co.uk/news/business-21285587

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Sleighamorph
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PostRe: Jessops heads into administration
by Sleighamorph » Thu Jan 31, 2013 8:31 pm

Sounds like he might intend to take the brand online-only.

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Gemini73
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PostRe: Jessops heads into administration
by Gemini73 » Thu Jan 31, 2013 8:49 pm

YouSmellOfWee wrote:I guess their poor business model left them overexposed.


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Knoëleo
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PostRe: Jessops heads into administration
by Knoëleo » Thu Feb 14, 2013 2:29 pm

http://www.amateurphotographer.co.uk/ph ... pdate-11am

Jessops: Scale of financial horror revealed (update 12.45pm)

Jessops owed Canon and Nikon around £20 million when it collapsed last month, with assets of just £3.4 million available to preferential creditors, it has emerged.

Amateur Photographer (AP) can reveal the full scale of Jessops' financial troubles and the amount Jessops owed its key suppliers.

In total Jessops owed around £80m, including £42.6m to listed creditors.

Customers who had made deposits and not yet received goods, who returned goods and not received repayment – or who were due compensation – were owed £201,000.

Unredeemed customer gift cards totalled £869,000 and Jessops owed the taxman more than £1.3m.

The woeful figures are contained in records filed at Companies House, which have been seen by AP following a report published by This is Leicestershire earlier today.

The Notice of statement of affairs, submitted to Companies House by Jessops' administrators PwC, states that just £407,000 is available to unsecured creditors.

Canon (UK) Ltd was owed more than £16.4 million and Nikon (UK) Ltd over £3.3m when administrators were called in on 9 January.

Major suppliers, including Canon and Nikon, had retention of title over unsold stock held by Jessops when it closed, meaning this should be returned to them as legal owners.

In Nikon's case, it seems most of the amount owed was held on a retention of title basis, according to the Companies House report.

Records show that Canon's security with Jessops, in terms of stock supplied, was £9.3m of the £16.4m it was owed.

Jessops owed Panasonic Marketing Europe nearly £4m; Sony UK Ltd around £3.2m; and Fujifilm (UK) Ltd about £2.6m.

Jessops' debt with Samsung amounted to £1.2m.

The collapsed chain owed its bank, HSBC, £28.7m and staff around £1.4m in wages.

Staff are treated as preferential creditors when a company falls into administration.

Customers who had signed up for Jessops Academy Courses, but not yet attended when the retailer shut its doors, were owed a total of £183,000.

More soon...


Mammoth debt figures right there. It's amazing they were able to make it that far into debt quite frankly.

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Jerusalime
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PostRe: Jessops heads into administration
by Jerusalime » Thu Feb 14, 2013 2:33 pm

Staff are treated as preferential creditors when a company falls into administration.


Really? I got shafted when the company I worked for went broke a few years back.

Was owed around £2,500 in wages, expenses etc.

Got £17.38ish about 2 years later.

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Knoëleo
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PostRe: Jessops heads into administration
by Knoëleo » Thu Feb 14, 2013 2:36 pm

Preferential doesn't mean top of the pile. Just look at the massive amounts they owed Canon, Nikon and others. That'll be where most of the money goes first.

Although, going by the "Jessops Staff" Facebook group, people are starting to see claims for wages, untaken holiday pay, etc. come through from PWC.

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TheTurnipKing
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PostRe: Jessops heads into administration
by TheTurnipKing » Thu Feb 14, 2013 3:15 pm

Preferential just means you're guaranteed a slice of what's available. Unlike the poor bastards with gift vouchers or refunds owning.

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Jerusalime
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PostRe: Jessops heads into administration
by Jerusalime » Thu Feb 14, 2013 3:18 pm

TheTurnipKing wrote:Preferential just means you're guaranteed a slice of what's available. Unlike the poor bastards with gift vouchers or refunds owning.


I see. So I did quite well then!

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