UK Camera Retailer Jessops Faces Bankruptcy - Stops Selling Cameras

Jessops is one of the UK's biggest camera sellers and, unfortunately, things aren't looking good for them. While the company had hoped to turn a profit in 2013 after taking out some loans in 2012, the forecast is dire. As such, the company has turned to bankruptcy and is now "in administration" as the Brits put it.

PricewaterhouseCoopers has confirmed that it will be handling the task of sorting out the debts owed by Jessops. "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," says PwC's Rob Hunt. "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."

Currently the Jessops website is still up, but purchases are disabled. The company has also stated that it will not be accepting gift vouchers or returns at this time.