Jessops on the verge of administration

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danski

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Hot off the press, Retail Week have just published the following article (http://www.retail-week.com/newsletter/5044619.article?referrer=e206) - subscription only, so have copied the article text below:

"Jessops is on the verge of administration with PwC poised to be appointed as administrator.

It is thought the camera specialist could collapse into administration as early as today.

There was speculation that suppliers would invest in the business last year but no deal materialised.

Jessops has had a rocky few years. It managed to avoid administration in 2009 by securing a debt for equity swap with its lenders HSBC.

In 2012 it suffered the loss of both its chief executive Trevor Moore, who joined HMV as it chief executive last year, and its chairman David Adams. The company did not appoint a replacement chief executive but hired Martyn Everett as chairman.

Jessops could not be reached.

More to come…….."

Maybe not a surprise to most of us on this forum, however still a shame for an ever declining high street! My bets are that HMV is only a few weeks/months (at most!!!) behind Jessops...

Let's see what happens over the next few days/week
 
BTW - I wouldn't go rushing to spend money there just yet! My guess is that if they do go into administration, then their 'clearance/closing down sale' prices will at best come in line with the prices we can already buy stuff for from online players!!!
 
danski said:
BTW - I wouldn't go rushing to spend money there just yet! My guess is that if they do go into administration, then their 'clearance/closing down sale' prices will at best come in line with the prices we can already buy stuff for from online players!!!
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Yep, they never were the cheapest!
 
danski said:
BTW - I wouldn't go rushing to spend money there just yet! My guess is that if they do go into administration, then their 'clearance/closing down sale' prices will at best come in line with the prices we can already buy stuff for from online players!!!
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but if they did enter admin, most of their expensive stock would be sold back to the suppliers - all that would be left would be their own brand stuff and the really cheap handy cameras that no one wants and suppliers dont want back in their warehouses.

it certaintly wouldnt be a free for all on 5d's
 
danski said:
Hot off the press, Retail Week have just published the following article (http://www.retail-week.com/newsletter/5044619.article?referrer=e206) - subscription only, so have copied the article text below:

"Jessops is on the verge of administration with PwC poised to be appointed as administrator.

It is thought the camera specialist could collapse into administration as early as today.

There was speculation that suppliers would invest in the business last year but no deal materialised.

Jessops has had a rocky few years. It managed to avoid administration in 2009 by securing a debt for equity swap with its lenders HSBC.

In 2012 it suffered the loss of both its chief executive Trevor Moore, who joined HMV as it chief executive last year, and its chairman David Adams. The company did not appoint a replacement chief executive but hired Martyn Everett as chairman.

Jessops could not be reached.

More to come…….."

Maybe not a surprise to most of us on this forum, however still a shame for an ever declining high street! My bets are that HMV is only a few weeks/months (at most!!!) behind Jessops...

Let's see what happens over the next few days/week
Click to expand...

hmv have some good deals better then msot places like asda and the internet game side is poor half the time but dvd boxsets and cd's you cant go into town and buy them of the shelf from several places anymore so i think they will be ok lts hope so i like hmv
 
ajax_andy said:
Out of interest if someone took out an interest free payment schedule with them for several thousands of pounds and they went bust... would that be wiped out?

I'm guessing not as it'll be with a finance company, but I thought I'd ask just in case :D
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The interest free payments are with the finance company not Jessops.A shame as i have 3 payments left on my D700.
 
The Jessops in Stafford shut a couple of months ago, open one day gone the next no sale either.
 
I wonder what will happen to Canon UK? Pretty sure they're (possibly too) closely linked to Jessops...
 
interesting that he joined hmv last year and now they too are on the brink of folding. Will have to keep tabs on this jonah to see what he ruins next.
 
cpk1 said:
The Jessops in Stafford shut a couple of months ago, open one day gone the next no sale either.
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Ditto the one in Preston. I didn't even know they'd gone until I was in the independent camera retailer in Preston who said they'd price match anyone locally within Preston. Bit of a bum deal when there isn't anyone left to price match.......
 
This wouldn't surprise me. The local store even after a relocation and revamp still gets low foot falls, and most people are looking at the cheaper stuff not high end. Those who are handle if for a bit, then leave presumably to order on-line.

It's a shame as they can be handy if you want to handle an item and I've bought a lens there in a sale before but with the cost of physical shops to cover they just can't keep up with online retailers, who only have to pay for 1 shop front if even that.

edit: forgot to mention the local indy store is always busier when I go in, even though it's out of the way.
 
essexash said:
interesting that he joined hmv last year and now they too are on the brink of folding. Will have to keep tabs on this jonah to see what he ruins next.
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he sort of went out of frying pan into the fire though didn't he.

While some shops can justify a physical presence as consumers want to look at products, get advice etc,. this doesn't apply to the products sold in HMV as you don't get any advantage to looking at a DVD or CD before purchasing...
 
wegotitugetit said:
hmv have some good deals better then msot places like asda and the internet game side is poor half the time but dvd boxsets and cd's you cant go into town and buy them of the shelf from several places anymore so i think they will be ok lts hope so i like hmv
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HMV had a terrible run up to Christmas (like for like's were down 10%!) and it was touch and go whether they'd manage be open for Christmas itself!

Unfortunately I think that their days are very numbered as they've now sold off most of their valuable assets, have an excessively large debt to manage (nearly £200m vs a market capitalisation of approx £10m!!) and not having a good Xmas will probably be the final nail in their coffin. They have to satisfy their main bank lenders quarter on quarter that they are still a viable concenr, but having drawn down nearly all of their available debt facility, not having anything more worthwhile to sell off and making an expected loss of at least £10m for the year, I can't see it being a particularly pleasant conversation with the banks later this month!!!

My recommendation is that if you've got any their gift cards, I wouldn't hang around too long before cashing them in as chances are that they'll be worthless if they do go pop.
 
My thoughts as ever in these situations are with the employees rather than can I get a few bob off a camera

Might be a good idea though to get any stuff like their own photobooks processed, just reminded me I have one that I should really get done
 
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ernesto said:
he sort of went out of frying pan into the fire though didn't he.

While some shops can justify a physical presence as consumers want to look at products, get advice etc,. this doesn't apply to the products sold in HMV as you don't get any advantage to looking at a DVD or CD before purchasing...
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agreed completely. HMV has been attacked from all angles by competitors that have just made it either easier, more convenient or both to buy from them. Amazon & the major supermarkets selling DVD's, CD's and Games, iTunes selling individual songs, cheaper albums and videos and pretty much instant from your armchair, piracy (although not new) rising rents, economic downturn squeezing discretionary spend...
 
tijuana taxi said:
My thoughts as ever in these situations are with the employees rather than can I get a few bob off a camera
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100% agree - it won't be a good time for them at all.

Play.com has also today said that it will be closing down its own retail sales division and from March onwards will only be a marketplace for others to sell their wares. That's 212 people out of jobs. Reason given is because of the end of Low Value Consignment Relief (LVCR), allowing items less than £15 to be sold to the UK VAT free.
 
not surprised they are tbh, lack of knowledge, lack of good service, and lack of competitive prices. When buying my 400 2.8 i went to ask them the best price, and they looked at me shocked, asked why i need it, explained its for sport and press work, and there reply was, "wouldn't you be better off getting a canon 100-400 4.5 so you can zoom?!!!" after teaching them about light and my needs they told me the price they could do, refused to price match wex who offered me the best deal, so i walked out, them losing £9,000 for being tight over what was about literally pounds!
 
danski said:
agreed completely. HMV has been attacked from all angles by competitors that have just made it either easier, more convenient or both to buy from them. Amazon & the major supermarkets selling DVD's, CD's and Games, iTunes selling individual songs, cheaper albums and videos and pretty much instant from your armchair, piracy (although not new) rising rents, economic downturn squeezing discretionary spend...
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They did the same to the local indie record store and so the cycle continues...
 
I would certainly get there quick if I had a Jessops gift card!
 
Jessops can have good prices. The sony camera I got was cheaper than anywhere else for UK stock. You just have to watch and wait as they often change the prices of things up and down.

Bought quite a few things from them over the years.
 
danski said:
HMV had a terrible run up to Christmas (like for like's were down 10%!) and it was touch and go whether they'd manage be open for Christmas itself!

Unfortunately I think that their days are very numbered as they've now sold off most of their valuable assets, have an excessively large debt to manage (nearly £200m vs a market capitalisation of approx £10m!!) and not having a good Xmas will probably be the final nail in their coffin. They have to satisfy their main bank lenders quarter on quarter that they are still a viable concenr, but having drawn down nearly all of their available debt facility, not having anything more worthwhile to sell off and making an expected loss of at least £10m for the year, I can't see it being a particularly pleasant conversation with the banks later this month!!!

My recommendation is that if you've got any their gift cards, I wouldn't hang around too long before cashing them in as chances are that they'll be worthless if they do go pop.
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didnt think it was that bad :shake:

i do like hmv and if i ever go in town i always go there regardless
 
steveo_mcg said:
They did the same to the local indie record store and so the cycle continues...
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it is pretty shortsighted these days to be in a business that could easily be replaced by an online version as it is only a matter of time.
 
Maggie52 said:
I would certainly get there quick if I had a Jessops gift card!
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Yes that's me. I was waiting til Thursday to order a light meter but sounds like I best do it the second I get home.
 
Another one bites the dust.

A pity, the manager of my local store (Llandudno) is/was very knowledgeable and helpful.

I hope those who end up out of a job find alternative work soon.
 
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Not a great shock really, I was in the newly-revamped Metrocentre store a few weeks ago with a view to looking at a 5D MkIII and/or D800 and they had nothing in store further up the food chain than a D300s or a 7D and no L's. Thought that was a little odd for quite a large store that has just relocated within the centre and certainly looked the business.
 
They have just spent a fortune moving and renovating one of my local branches (Metro Centre). If they are so close to administration whoever authorised it is mad.
 
Not surprised, I have always had iffy advice when I have paid them a visit - they even told my brother to buy two smaller bags as the larger bag was out of stock...

Saying that, I did get my D7000 cheaper than anywhere else
 
Dave1 said:
They have just spent a fortune moving and renovating one of my local branches (Metro Centre). If they are so close to administration whoever authorised it is mad.
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Gives an insight into the strategy (or lack of) within the company at dealing with the issues they have.
 
It will be a grave injustice for those who went down with Jacobs if Jessops survives this....
 
Sky news reporting application has been made to the High Court for administration.
 
Dave1 said:
They have just spent a fortune moving and renovating one of my local branches (Metro Centre). If they are so close to administration whoever authorised it is mad.
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ernesto said:
Gives an insight into the strategy (or lack of) within the company at dealing with the issues they have.
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Not really, the move would've been planned ages ago, and probably was due to the lease on the existing site up for renewal and/or better deal in the new location.
For a company that size, it'd be business as usual whilst they dealt with the looming prospect of having to call in the administrators - couldn't give their competitors a sniff that they were managing to survive.
Besides, the amount they are in hock to their creditors would make the move expenditure look little more than pocket change.
 
Oh No! Were are we going to try out equipment before buying on line now?
 
The Greek said:
Oh No! Were are we going to try out equipment before buying on line now?
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:lol: Unfortunately very true.

There is just no way Jessops could compete with Amazon, let alone the Panmoz/DigitalRev's of this world. And not many of us can afford to ignore the savings to be made and shopping 'local'

The smartphone market has also pretty much killed the bottom end of the market. Most people are perfectly happy with the camera on their iphone/android device. Why carry two devices when you can carry one.

So at the end of the day we reap what we sow.
 
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