Jessops calls in administrators, seeks rescue deal

Jessops to launch second store in London

High street camera retailer Jessops plans to call in administrators to help rescue the company, its owner has revealed.

Peter Jones, the Jessops owner, entrepreneur and Dragons Den star has announced he plans to call in administrators after profits fell to less than £10,000 last year.

The move is expected to lead to store closures at some of its 46 locations, and likely redundancies for the firm’s some 500 employees.

Jones purchased the firm from administrators in 2013 after it collapsed.

The company has cited rents for its high street locations and competition with smartphones as being at the heart of its struggles.

Via BBC News