UK camera chain Jessops shuts, shedding 1,370 jobs
LONDON (AP) — Bankruptcy administrators for Jessops, the struggling British camera retail chain, say the company is shutting down because it is no longer viable.
PricewaterhouseCoopers says Jessops will begin closing all 187 stores across Britain for the last time Friday. The closure will result in 1,370 job losses, and PWC said further jobs will be shed at the company's head office.
Jessops called in the administrators this week, saying it was in financial trouble after poor sales over Christmas.
The chain has struggled for years, as consumers switched to buying online and as the camera market stalled. Consumer spending has been weak in recent years due to economic trouble and government austerity measures.
Jessops came close to collapse in 2009 but avoided administration in a deal with HSBC.