Unconfirmed Jessops rumour

dod

dod

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It wouldn't surprise me - there's so much competition around, especially on the net, and Jessops are quite expensive.
 
With their prices I'm hardly suprised.
 
been discussing this elsewhere myself.
jessops too thinly spread and profit driven. people now realise they can get better service elsewhere and the [better and more accurate] info from the net.
 
I know they are expensive an all that, but it would be a shame to see em dissapear.
 
Yes they are expensive but they are useful for the "need it now" moment so on that basis I'd be sorry to see them go under. Also of course all the poor folk who'd lose their jobs......
 
ditto, not nice for peeps with no job
 
at their prices its no surprise, but then cameras2u are jessops and their prices are excellent, go figure??
 
Nuts. I was going to buy a tripod there tomorrow. They are expensive but they are handy to just nip into and have a play. Guess it'll be Jacobs and indys now.
 
The best place to go is always the LSE (london Stock exchange) as they are required to release this stuff to the market. Here is the release:

Regulatory Announcement
Go to market news section View chart
Company Jessops plc
TIDM JSP
Headline Trading Update&Board Changes
Released 13:07 28-Mar-07
Number 8963T

RNS Number:8963T
Jessops plc
28 March 2007


28 March 2007



Trading Update and Board Changes



Market conditions have continued to deteriorate since the Group's last trading
update on 28th February.


Market data just received for February confirms that UK digital compact camera
sales by value were down 16.3% and camcorders down 21.7% compared to 2006 - a
deterioration compared to January. These market declines have been driven mostly
by significant falls in average selling prices in the UK, causing further
pressure on sales and achieved margins.


Jessops has continued to gain market share in the camera hardware categories,
driven by the competitive pricing and strong promotional activity outlined in
the last statement. However despite this, like for like sales in the four weeks
since the 28th February were down 5.2%. Gross margins in the first half are now
expected to be around 4 percentage points lower than in the first half last
year, reflecting continuing price deflation and the more aggressive stance on
pricing to drive volumes.


Against this background, the Board expects Jessops to report a first half loss
in the region of £8.5m. As a consequence, the Board will not be declaring a
dividend for that period. The Board will review the position relating to the
full year dividend at the appropriate time.


The second half of the year includes Easter and the important summer trading
season. Following continued tough trading conditions in March and the apparent
further deterioration in the camera market, the Board anticipates further margin
pressure in the second half. Accordingly, the Board now expects to report a
profit of around £3.5m for the second half, resulting in a full year loss of
around £5m. Consequently the Board's current expectation for the year end debt
balance is approximately £52m. The estimated full year results and the year end
debt figures are stated before any exceptional costs arising in the second half
from the strategic review set out below and any related restructuring. The Board
anticipates that there will be a seasonal working capital uplift requirement in
the autumn in excess of available banking facilities and the Board will explore
all options to address this. The Board re-confirms that Jessops has the
continued support of its bank and discussions are ongoing with regard to the
company's future funding requirements.


Strategic Review


To address the challenges currently facing Jessops, Chris Langley, Chief
Executive will lead a strategic review of the business, with the results and key
actions being communicated to shareholders as soon as practicable. This review
will examine strategic options to reconfigure the business taking into account
changing market conditions.



Board Changes


Jessops today announces the following Board changes:


- Gavin Simonds, Non Executive Chairman, has informed his fellow directors that
he considers that the group will for a period require more active leadership of
the Board than his other commitments permit. He has therefore indicated that he
will step down from the Board but has agreed to stay with the company until the
time of the interim results announcement in May. The search for a replacement
has now started.


- Robin Whitbread, Commercial Director, who was responsible for day to day
operations, has resigned from the Board and has left the business. The Board
would like to thank him for his contribution, and wishes him well for the
future.


Chris Langley, Chief Executive commented:


"Jessops is experiencing unusually tough trading conditions, driven by severe
price deflation in the camera market leading to pressure on both revenues and
margins. Against this backdrop, I have initiated a strategic review of the
business and will report back on this as soon as practicable."


ENDS


For further information please contact:

Jessops 0116 232 6000
Chris Langley, Chief Executive
Ian Harris, Finance Director

Hoare Govett 0207 678 8000
Sara Hale
John Fishley

Hogarth Partnership 020 7357 9477
James Longfield/Rachel Hirst/Georgina Briscoe




This information is provided by RNS
The company news service from the London Stock Exchange

END


Close
London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.
©2007 London Stock Exchange plc. All rights reserved
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I think the key are is the strategic review. They haven't gone under yet but I'm betting they are looking at any option to keep that from happening including selling to any bidder.
 
I have little sympathy for them really..... years ago they went around (greedily) buying up all the little useful, local shops, equally as expensive as themselves. What did they expect? Time is a great leveller. I really do hate large corporate conglomerates... :bang:

What happened to Wallace & Heaton? Remember their "Blue Book"? And then there's Greens. Many others that have been gobbled up because the larger fish was "frightened" of the competition. Where's the competition now? Who's the poorer for it? Sadly, photography!

It's a case "what goes around, comes around". They could be handy if you're in a fix but at what cost?

Do feel sorry for the staff though.
 
Have to agree with Barry.



Anyone know when the stock clearance sale for the shops that will close starts :lol:
 
I feel for the staff if jessops do fold, I also feel that the world of photography will be worse off without Jessops and although they are expensive, they do pricematch and were else can you buy it and take it back if you dont like it...not on ebay thats for sure.
 
paulc said:
I feel for the staff if jessops do fold, I also feel that the world of photography will be worse off without Jessops and although they are expensive, they do pricematch and were else can you buy it and take it back if you dont like it...not on ebay thats for sure.
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Well, you could've done that before Jessops bought them all out! And get a cup of coffee, and have a natter with other photographers, and...., and,..... It was almost like a camera club with equipment benefits! :lol:
 
Do feel sorry for the staff though.
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Agreed. I do doubt some will even notice though.

I think while we all say that jessops can be useful in a rush the place we will miss is the one we remember, rather than the one we've had for quite a while now.
 
they have two shops in Reading too.. They arent even that far from each other. However we have about 10 carphone warehouses and they seem to be doing ok :)

If it does go bust then hopefully someone on the forum will know which auctioneer will be selling the stock off. Its going to be one big shopping spree!
 
Rapid expansion is a sure sign of a company in trouble. Jessops opened a new branch in Inverness a few months ago, not 300 yards from their existing one. I've seen branches opening in nearby towns too, often in crappy locations.
 
Considering most of the stores carry the exact same thing I think cutting back to one in a town is definitely a good idea. As Steep said super fast expansion is almost always a no-no... You just don't have time to do the right research.
 
They have 2 stores in Maidstone too... a stones throw a part, but one's in a shopping centre, the other at the 'dead' end of town....

Strange if you ask me!
 
there have been rumours about for a long time now. i cant see them disappearing though. they will probably go in to liquidation and then re-emerge as cameras 2 u or tecno, then a few years down the line it will all happen again.
 
the sensible thing would be to cut back on store numbers and improve the remaining ones with better customer service and prices that don't make you laugh...like their memory cards they try and fleece people with!
 
I've just won £100 of Jessops vouchers in a photo comp. I'd better spend them pretty quickly (perhaps this will rescue their business :D )

Ray
 
shiato storm said:
the sensible thing would be to cut back on store numbers and improve the remaining ones with better customer service and prices that don't make you laugh...like their memory cards they try and fleece people with!
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thing is, closing stores will cost them money they dont have. they only have that many stores bacause they dont close the ones they take over, again bacause it costs too much money and they dont want to look bad for the shareholders by doing so.
 
The super big Jessops in Cardiff had some really rather good deals upon opening - 350D kits for £200, D200's for £650 etc.
 
Yers, it was the first of their "world camera centres*" or something. Big opening.

*=bigger shop
 
My recent experiences of Jessops are very poor. If it was not for one member of staff who I know via camera club from yonks back I would never go back.

We are lucky to have Ffordes on our doorstep who although not cheap offer great advice.

Agree with Barry's sentiments, hunter turned hunted is not a bad definition. They sat on their hands when the internet revolution started. this "call for a price" on 2nd hand and new-and-popular lines was a turn-off.

Strong pound may also be a factor. You could pay for a weekend in New York on the money you would save by flying over to buy your kit state-side.

Jess-who? ;)
 
we had 2 in chester

one was burnt out just before Christmas and hasn't been reopened as yet.
The burnt out store was twice the size of the remaining store, but was in quite a poor location and as a result was usually pretty quiet.

It'd be a shame to lose a local high street photography outlet, but competition is good for us all.

still........in Chester, jessops can't match the quality of service offered by my prefered local camera shop :D
 
Jessops have become a virtual monopoly in many towns by taking over hundreds of shops in the last few years and sending many smaller business to the wall by merciless price cutting. They wanted to buy out a guy I used to do work for, but he declined. They told him they'd put him out of business anyway, but he's still there. :)

Sad to see 'em go if they do go under mind you, it will leave a huge void in many towns.
 
I'm sorry for 'some' of the staff, if they did lose their jobs, but quite frankly I think as a whole they're goods are over priced and they're staff limited on knowledge...

When I was looking into DSLR's I went in to get a feel of acouple (of cameras!! ;) ). Not really knowing anything I asked how to compose the shot through the LCD screen... The young lad had a go, couldn't manage it but then convinced me it could be done he just wasn't familiar with that model...
Oh yeah and another told me I could buy filters... For my Sony cybershot... Uummm...:thinking:

:razz: To jessops - Thats my opinion anyway!!
 
Jessops are crap. For example I went in with a mate and asked for 2 Nikon D200's. The guy said "It's out of stock at the moment", I replied "When will they be in stock?" he said "No idea mate, might be a while"... Hmmm. "OK" I said, "When they come in, can I get a deal if I buy 2?" He replied "Nah, we don't make any money on them anyway so we don't discount anything" I walked out, obviously. Point is if they can just disregard a £1700 sale with a shrug of the shoulders then they deserve to go under.

I bought my D50 a while ago from Swansea Camera Center which is (literally) across the road from Jessops because they threw in a nice bag, Jessops wouldn't do anything.

Good riddance to them and their lazy staff. Pity for the decent staff, I'm sure they will find work in retail if they are dedicated enough.
 
Same goes in Brum. Some of the guys have been there at least since I started photography 12 years ago, granted not all that friendly but there are good guys there and very knowledgeable ones occcasionally (fred at brum bull ring/ sutton coldfield was always worth a chat, might be out on duty with the army at the mo) so it´d be a shame for those guys especially the ones who´ve been there years and might struggle getting a decent retail job due to age etc. As for the company, don´t really care. The point about having a very handy place stands tho, jacobs doesn´t do it for me unfortunately and I miss the independent shops we used to have here.
 
It may also be a factor - the amount of advertising they buy each month in magazines. 5 or 6 page spreads in every mag every month, plus all the competitions they sponsor in various mags each month giving away vouchers to spend in store.

I know other web based stores do as much advertising each month, but they haven't got the bricks and motar to pay for too.
 
JPS said:
It may also be a factor - the amount of advertising they buy each month in magazines. 5 or 6 page spreads in every mag every month, plus all the competitions they sponsor in various mags each month giving away vouchers to spend in store.

I know other web based stores do as much advertising each month, but they haven't got the bricks and motar to pay for too.
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And despite paying for these multi-page spreads, they still don't show their prices for the dSLR's and lenses... instead saying "See website for latest prices". This is even though their web competitors are more than happy to list their prices...
 
yep their shares have plummeted to 15p... If you had faith they'd turn it around it'd be a great time to buy. I don't have such faith.
 
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