JESSOPS to GET ADMINISTRATORS WITHIN two WEEKS
Famous Dragon from Dragon's Den, Peter Jones has said that he will appoint administrators to Jessops within two weeks.
Jessops was feared to go into insolvency, and Peter Jones had a plan to close many Jessops shops to gain survival for the business. The business has been struggling due to high rent costs for their stores, many retailers have been worried about their future, and we have seen many retailers pop out recently, and close many stores due to this, including Jack Wills, HMV, Karen Millen, and Debenhams. 500 jobs at Jessops could be at risk, with 46 stores currently open, many of them are to close soon. The company has reported a pre-tax loss of £13 million for the year ending April 2018.
Peter Jones has bought in an administrative firm to help with the landlord rents and store closures, although the company has not achieved the sales and profits that were outlined in 2013.