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I wonder if they'll change the wording on the radio and tele too......
But seriously
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and help to keep the site free for all
Jessops on the verge of administration
- Thread starter danski
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I wonder if they'll change the wording on the radio and tele too......
But seriously
sorry to hear that John
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Sad day.
Over here I used the store in Ballymena, manager was sound, bought a good bit from there but that store was closed last year.
Had bad customer service experience in Lisburn, which also closed last year and Belfast, which has not long been refurbished.
Calumet Belfast has been my more recent bricks and mortar shop, hopefully they can survive.
Over here I used the store in Ballymena, manager was sound, bought a good bit from there but that store was closed last year.
Had bad customer service experience in Lisburn, which also closed last year and Belfast, which has not long been refurbished.
Calumet Belfast has been my more recent bricks and mortar shop, hopefully they can survive.
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I think if I was Jessops shop staff walking away from my job this evening for what sounds to be the last time, my pockets would be stuffed full as insurance against getting paid for what was outstanding to me!
Whatever the ins and outs, it's the guys and girls from those 187 stores I feel sorry for.
Whatever the ins and outs, it's the guys and girls from those 187 stores I feel sorry for.
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So you'd risk getting arrested for theft (and the knock on effect on future job prospects with a criminal record) out of a feeling of anger or entitlement?
Not sure it's that good an idea.
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Would guess that most stock still belongs to the suppliers and a Jacobs type auction to come of all the own branded stuff.
Statement made by PWC themselves:
Edward Williams, Rob Hunt and Matthew Hammond of PwC were appointed joint
administrators of The Jessop Group Limited on 9 January 2013.
Jessops is a major high- street retailer of photographic equipment and growing on line business. Turnover in the year to 31 December 2012 was £236m and Jessops operated from 192 stores with around 2000 employees throughout the UK. It has a well-known brand, strong reputation for service
and a significant national footprint.
However, its core marketplace has seen a significant decline in 2012 and forecasts for 2013 indicate that this decline would continue. In addition, the position deteriorated in the run up to Christmas as a result of reducing confidence in UK retail. Despite additional funding being made available to the company by the funders, this has meant that Jessops has not generated the profits it had planned with a consequent impact on its funding needs. This was exacerbated by a credit squeeze in the supplier
base.
Rob Hunt, joint administrator and partner, PwC said:
“Over the last few days the directors, funders and key suppliers have been in discussions as regards additional consensual financial support for the business. However these discussions have not been successful. In light of these irreconcilable differences the directors decided to appoint
administrators and we were appointed earlier today.
“Our most pressing task is to review the Company's financial position and hold discussions with its principal stakeholders to see if the business can be preserved. Trading in the stores is hoped to continue today but is critically dependent on these ongoing discussions. However, in the current
economic climate it is inevitable that there will be store closures.”
Finally, at present Jessops is not in a position to honour customer vouchers or to accept returned goods.
Edward Williams, Rob Hunt and Matthew Hammond of PwC were appointed joint
administrators of The Jessop Group Limited on 9 January 2013.
Jessops is a major high- street retailer of photographic equipment and growing on line business. Turnover in the year to 31 December 2012 was £236m and Jessops operated from 192 stores with around 2000 employees throughout the UK. It has a well-known brand, strong reputation for service
and a significant national footprint.
However, its core marketplace has seen a significant decline in 2012 and forecasts for 2013 indicate that this decline would continue. In addition, the position deteriorated in the run up to Christmas as a result of reducing confidence in UK retail. Despite additional funding being made available to the company by the funders, this has meant that Jessops has not generated the profits it had planned with a consequent impact on its funding needs. This was exacerbated by a credit squeeze in the supplier
base.
Rob Hunt, joint administrator and partner, PwC said:
“Over the last few days the directors, funders and key suppliers have been in discussions as regards additional consensual financial support for the business. However these discussions have not been successful. In light of these irreconcilable differences the directors decided to appoint
administrators and we were appointed earlier today.
“Our most pressing task is to review the Company's financial position and hold discussions with its principal stakeholders to see if the business can be preserved. Trading in the stores is hoped to continue today but is critically dependent on these ongoing discussions. However, in the current
economic climate it is inevitable that there will be store closures.”
Finally, at present Jessops is not in a position to honour customer vouchers or to accept returned goods.
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Strange or should that be unsurprising that there is no word on items paid for but awaiting collection.
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No, as a staff employee I'd probably hold my head up high and do the right thing, just like the senior management of the company have over the past few months, because no doubt they've had my absolute best interests at heart
there is mention of it on the jessops.com webpage...
Pre-paid orders / deposits Customers who have ordered and paid for all or part of their stock either in store or online will not receive their stock purchase. Customers who have paid using credit cards should contact their credit card company to try and seek resolution to this matter. If you are unable to obtain a refund through your credit card company and wish to register a claim, please see the information below.
Garry Edwards
Moderator
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As above.
Administrators/insolvency practicioners put themselves 1st and make huge profits from employing minimum-pay staff to do the admin, with their time charged out, not at the the time spent but at the very generous maximum time allowed by law, at rates that are incredibly high.
The ones I've come across are the most dishonest, money-grabbing people imaginable. Unfortunately, successive governments have just ignored what goes on, and just leave regulation to their own governing body, which is made up of... their own people.
Generally, they make sure that after paying themselves, then the secured creditors, HMRC etc, there is NOTHING left for the unsecured creditiors.
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The insolvency legislation changed years ago! HMRC and the banks have no preference over other unsecured creditors.
There might be some lenders (including banks) that secured loans against assets, in which case they will take preference (and rightly so). And of course, if directors have been fraudulent (not saying that's the case here) then they are investigated and prosecuted regularly.
Customers that have sent goods in for repair will get their goods back - as PWC have said they need to get everything centralised and sort out what belongs to whom. As annoying as that is I wouldn't be surprised if there was more than the occasional chancer going into stores and saying where's my D4 that you were repairing.
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Unfortunately Jessops has had more than their fair share of problems. My local is Swansea. The local town centre has been dying for ages, and is now a mass of Pawn shops, pound shops and an Argos. Each time I have been in to Jessops, the service levels have been below par. I could go on and say how frustrated I have been with customer service and support levels, but at the end of the day what matters is that 1300 people will be out of a job.
One of the main reasons they have closed early is due to the amount of stock held. Stock has been in pitiful supply for a while, therefore most of the display stock will be returned to the distributer and what can will be sold. I echo the comments that people are saying, I love buying in the high street, but I don’t want to be fleeced for the privilege, plus, when I order something from Jessops, and have to wait a few days for it to come in there is no incentive for me to buy in store when I can go online and save myself the agro of driving 10 miles in to the store to collect it.
Its swings and roundabouts really. Jessops as a big multinational pushed out the smaller retailers years ago, buy having better buying power and offering greater discounts often slashing costs forcing the smaller guys to give in and close.
Although this data is a little out of date http://www.worksmart.org.uk/company/company.php?id=01097345 this shows the earnings for the directors in the company. The director had an increase of 65.88% over 7 years. I’m pretty sure the company, since it was floated was going downhill. Directors remuneration, stood at nearly 700k. According to data, it states that there are 46 directors in the company. How much does their total salary bill come to?
People who are saying adapt or fail. Need to realise that Jessops did try and do this. However, with massive overheads, staff wages, insurance, pensions, tax and all the other things they had to pay for, it’s just not worth while anymore. When compared to a business such as Amazon who have a warehouse with a few hundred people, a market place where they make money by doing nothing and various other channels of revenue generation things need to be done. As some have mentioned, services are one way that the company can generate extra income and to some extent they do this inform of extended warranties, but this obviously isn’t enough to generate a significant level of revenue.
As drastic as it sounds, some form of Internet tax will need to be introduced over the next few years to help high street retailers compete with online companies, or price fixing needs to be introduced again. Yes all these seem unpleasant, but at the end of the day we need the high street to survive.
One of the main reasons they have closed early is due to the amount of stock held. Stock has been in pitiful supply for a while, therefore most of the display stock will be returned to the distributer and what can will be sold. I echo the comments that people are saying, I love buying in the high street, but I don’t want to be fleeced for the privilege, plus, when I order something from Jessops, and have to wait a few days for it to come in there is no incentive for me to buy in store when I can go online and save myself the agro of driving 10 miles in to the store to collect it.
Its swings and roundabouts really. Jessops as a big multinational pushed out the smaller retailers years ago, buy having better buying power and offering greater discounts often slashing costs forcing the smaller guys to give in and close.
Although this data is a little out of date http://www.worksmart.org.uk/company/company.php?id=01097345 this shows the earnings for the directors in the company. The director had an increase of 65.88% over 7 years. I’m pretty sure the company, since it was floated was going downhill. Directors remuneration, stood at nearly 700k. According to data, it states that there are 46 directors in the company. How much does their total salary bill come to?
People who are saying adapt or fail. Need to realise that Jessops did try and do this. However, with massive overheads, staff wages, insurance, pensions, tax and all the other things they had to pay for, it’s just not worth while anymore. When compared to a business such as Amazon who have a warehouse with a few hundred people, a market place where they make money by doing nothing and various other channels of revenue generation things need to be done. As some have mentioned, services are one way that the company can generate extra income and to some extent they do this inform of extended warranties, but this obviously isn’t enough to generate a significant level of revenue.
As drastic as it sounds, some form of Internet tax will need to be introduced over the next few years to help high street retailers compete with online companies, or price fixing needs to be introduced again. Yes all these seem unpleasant, but at the end of the day we need the high street to survive.
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I've been thinking about this myself over the last few days. The government CAN take action to even the playing field. And yet they don't. Why not reduce the rates high street shops pay? Or get rid of it altogether? Why not introduce a tax similar to Dylanlewis2000 suggests?
I've been saying for a long time that one-day there will just be McDonalds, Tescos and Amazon. The rest will be gone!
These stores are for fat people......look at our society...obesity is running (ho ho) amok!
There is an internet tax in place at the moment. It is called corporation tax....but these bigger companies decide to use the system to avoid paying tax.
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If they were to introduce an Internet tax they would also need to employ several thousand extra staff at HMRC to try and catch all of those happy to circumvent that tax (as well as VAT etc) by buying from certain HK based retailers.
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Rental rates on the high street will not decrease for a number of reasons. Council owned property will be rented out at exterminate rates and unfortunately it will only go up. Since the government have decided to cut finance to councils, revenue must be generated in other ways.
When I was working for a high street retailer years ago, they gave staff access to profit and loss accounts for individual stores. Retail space on a retail park was expensive back then somewhere in the region of 30k per month if I can recall correctly, so it’s no wonder that shops are closing at an alarming rate.
When I was working for a high street retailer years ago, they gave staff access to profit and loss accounts for individual stores. Retail space on a retail park was expensive back then somewhere in the region of 30k per month if I can recall correctly, so it’s no wonder that shops are closing at an alarming rate.
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Yes and No. I agree that they will need more staff, and the way the government is, they are bound to cock it up at some point.
With regards to people importing, this has always been an option, but now with the Internet, it makes it easier. The only way to deter this kind of thing is to impose high fines on goods found to be circumventing vat.
If you are buying a Camera in HK for £1000, but in this country it is £1300, then yes at this moment in time some would probably go the HK route, but if you faced the possibility of having to pay a rather large fine, plus tax and import duty, then i'm sure that would dry up the supply chain some what.
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I think that would be a very bad situation, the government is not here to subsidise or distort a free market economy. The people that manage these companies need to run their businesses appropriately. It is what the free market is all about, not the role of the state to interrupt that flow.
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Its to be expected. If suppliers will not give them credit, they are not going to have a large selection of lenses. There was a flag ship store in Cardiff, it used to be on two floors and looked very impressive when you walked in. They dont want to hold a lot of stock in one store, but i agree, they need it somehow.
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The website is officially closed and doesn't trade anymore!
http://www.jessops.com/
Any bargains in your area ?!
http://www.jessops.com/
Any bargains in your area ?!
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If the turnover is only just over a million a store then its no wonder they went bump. I think they should have done the store closures a long time ago and stuck with a few flag ship shops and stocked them properly.
Locally there was a Jessops in crewe, newcastle, hanley and Stafford. Too many, too close. Plus city centre locations are unappealing to many now with high parking charges. One out of town on a high quality retail park would have been a much better idea.
With Jacobs gone there was less excuse for going the same way.
Locally there was a Jessops in crewe, newcastle, hanley and Stafford. Too many, too close. Plus city centre locations are unappealing to many now with high parking charges. One out of town on a high quality retail park would have been a much better idea.
With Jacobs gone there was less excuse for going the same way.
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Angelo have you read any of the last 6 pages that showed the website wasn't taking orders yesterday and that the stores are now closed?