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UK camera chain Jessops in administration

  • Ailing British camera retailer Jessops entered administration on Wednesday with PricewaterhouseCoopers (PwC) appointed as the administrator.

    Jessops, which was founded in Leicester, England in 1935, has 192 stores across the United Kingdom and employs about 2,000 staff.

    PwC said it was "inevitable" that some stores would have to close.

    The administrator added that despite additional funding being made available, Jessops had failed to generate the profits it had planned.

    In 2009, Jessops was able to avoid administration by agreeing a debt for equity swap with its lender HSBC.

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