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By Matthew Bates Friday 11 January 2013 Updated: 11/01 16:52
ALL of Jessops 187 stores are set to close after the company went into administration.
The photography firm fell into administration on Wednesday after months of uncertainty surrounding the business.
PricewaterhouseCoopers originally said some of the company's stores would close but announced today (Friday) there would be around 1,370 job losses as all stores are forced to shut.
Jessops, which has a shop in Touchwood, turned over £236million last year.
Administrators said the market saw a significant decline in that time, with rival online retailers posing a big threat, and a similar forecast for 2013 meaning poor sales would continue.
They claimed it was a well-known brand with a strong reputation for service but added the company was not currently accepting customer vouchers or refunds.
Rob Hunt, joint administrator and partner at PwC, said the company had failed in last-minute deals with funders.
"Since my appointment, we have reviewed the position of the business and held extensive discussions with suppliers around their support for ongoing trading.
“It is apparent that we cannot continue to trade and as a result we have had to make the difficult decision to begin the closure of all 187 Jessops stores at the close of business today.
“Regrettably, this will result in around 1370 job losses across the stores with further job losses likely, in due course, at the head office in Leicester.
“The stock will be collected over the coming days and returned to a central warehouse. It will be returned to suppliers if they are entitled to it. As a consequence of the closure, Jessops is no longer able to accept returned product from customers.
“This is an extremely sad day for Jessops and its employees. We are very grateful for the support we have received since our appointment and we will continue to ensure that employees are paid as they assist us during the closure.”
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