Britain’s biggest high-street camera retailer, Jessops, has gone into administration, putting 192 stores and 2,000 jobs at risk. The company’s website is not accepting orders and administrator PricewaterhouseCoopers has said vouchers and returns would not be honoured at present. The company, that has been slow to respond to competition from internet retailers, was rescued in 2009 by HSBC, which bought into the company in return for writing off some of its debts. However, increasingly stringent credit terms imposed by suppliers (a common move when there is doubt surrounding the future of a company), and predictions of further falls in camera sales led to the administrators being called.
News: Digital Photography Review (dpreview.com)