Jessops will continue as an online store as UK reality TV star, Peter Jones, has bought the assets of the company, after its recent entrance into administration.
In early January, Jessops announced that it entered into administration, following a series of poor earnings. The last holiday season was the drop that spilled the cup because online retailers caught the attention of camera buyers in the United Kingdom. Jessops consisted of 187 physical stores and it was unable to compete with the online market, but now Peter Jones has decided to save the company by relaunching its online business.
Jessops brand finally sold
When it announced its bankruptcy, PricewaterhouseCoopers was revealed as Jessops’ administrator. PricewaterhouseCoopers – Jessops’ designated administrator – reviewed the camera retailer’s assets in order to find out whether it can still prove to be a viable business. However, its expectations were not met and the administrator spent most of its time looking for a buyer. The first to enter the fray was Peter Jones, a businessman who became famous courtesy of British television series, Dragon’s Den.
Jessops stores will remain closed
According to the administrator, the 187 stores of the retailer will remain closed as the buyers have not announced any plans to re-open them. This means that about 1,500 people have officially lost their job. It is worth reminding that the first store was opened by Frank Jessop back in 1935.
The company once avoided entering into administration thanks to a loan from HSBC. In 2009, Jessops removed itself from the stock market and tried to revive its business. However, online retailers proved too big of a hurdle for the camera shop. Now it remains to be seen when Jessops restarts as an online store.