Boston’s Jessops store may be facing closure, following news that the company has gone into administration.
The photographic company has been in discussions for several days over the future of the firm, and The Jessop Group Limited has now entered administration. PwC has been appointed to lead the process.
Spokesman Rob Hunt 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.”
The company, which has a branch in Strait Bargate, has been experiencing ‘significant decline’ in the past year, and bosses predicted this downward trend would continue throughout 2013.
Around 2,000 members of staff currently work for the company and may be affected by the move.
In the meantime, it has been confirmed that Jessops will not be in a position to honour customer vouchers or accept returned items.