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Jessops is to close 81 of its shops in a move expected to lead to the loss of 550 jobs and save £15m, the high street chain announces today.
In a statement announcing the completion of its strategic review Jessops said that 47 of the shops to be closed 'overlap' with shops in the same area, 31 are 'loss-making', and three 'subject to redevelopment'.
The move leaves 234 shops remaining in the Jessops chain.
Jessops has also announced its latest trading results, reporting a pre-tax loss of £25.2m for the six months to 1 April.
The troubled Leicester-based firm hopes its restructuring will cut its overheads by 20%.
Earlier this year shares in Jessops fell more than 70% after the high-street chain warned that it expects to report a half-year loss of £8.5m and not pay dividends to its shareholders for that period.
At the time Jessops blamed deteriorating market conditions - citing a 16.3% drop in digital compact camera sales (in value terms) for February, compared to the month before.
Executive chairman David Adams said: 'Since I joined as chairman at the beginning of May I have been delighted with the progress that has been made by [chief executive] Chris Langley and his team in developing our strategy for the future. The strategy allows us to re-position Jessops as a true multi-channel retailer, building on our core strengths in the digital imaging market place.'
Adams added: 'We have been working closely with our bankers HSBC and are pleased to announce that we have agreed new banking facilities. These facilities will provide us with the opportunity over the next 18 months to build a solid platform for the long term. I would also like to thank our suppliers for their support and the entire Jessops team who have worked extremely hard over the past few months in difficult circumstances.'
hil26
always thought it was strange that they had 3 shops in Leeds, all within walking distance of each other!!!
Venom
Jessops issues store closure list
Looks like my local store is closing:
The troubled photographic retailer Jessops has revealed the location of the 81 stores that it plans to close by 30 September 2007.
As reported last Thursday, Jessops plans to axe 81 of its shops in a move expected to lead to the loss of 550 jobs. Some of the job losses will be at the company's base in Leicester.
Jessops has said that 47 of the shops to be closed 'overlap' with shops in the same area, 31 are 'loss-making', and three 'subject to redevelopment'.
Jessops has confirmed that six of the stores have already shut and, at the time of writing, Jessops had received offers on 44 others.
Though the stores for the chop make up 26% of the chain, Jessops claims that this will only cut overall sales by 11%.
The move leaves 234 shops remaining in the Jessops chain. Stores will close in the following locations: Bedford, Rugby, Leamington Spa, Edinburgh - South St, Port Lethen, Belfast, Luton, Cambridge, Birmingham, Carlisle, Nottingham, Bradford, Brighton, Chester, Stockport, Coventry, Brighton, Peterborough, Carmarthen, Ellon, Hounslow, Stevenage, Croydon, Southampton, Worcester, Norwich, Reading, Norwich, Kingston-upon-Thames, Lancaster, Mansfield,Cheltenham, Wolverhampton, Maidstone, Bristol, Wolverhampton, Leeds, Bromley, Basingstoke, Blackburn,Hull, Leeds, Bangor, Northampton, Melton Mowbray, Ilkeston, West Bromwich, Northfield, Milton Keynes, Huddersfield, Windsor, Inverness, Dundee, Plymouth, Doncaster, Ipswich, Birmingham, Harlow, Buxton, Stourbridge, Glasgow, Scunthorpe, Oswestry, Manchester, Rotherham, Bolton, Glasgow, Watford, Merry Hill, Bristol, Dublin, Solihull, Great Yarmouth, Banchory, Nairn.
The stores in London that will close are: Cannon St Station, Gallions Reach Armada Way Beckton, 46 Fleet Street, 154 Tottenham Court Road, 1 Poultry; and 11 Frognall Parade, Finchley.
downwards
Hmmm, Chester, i'm not surprised thats closing TBH, its in a really poor location, plus there is a really nice new one in Wrexham on a shopping park.
I've always thought them to be expensive, but I did get my 400D from there (price matched to a magazine!).
