Surprised it hasnt been mentioned - Jessops.

Discussion in 'UK Photography' started by A.Lee, Mar 29, 2007.

  1. A.Lee

    A.Lee Guest

    Jessops have announced 2 profits warnings in the last 6 months, the
    first saying they couldnt get enough stock, the second, last month
    saying they couldnt sell enough and would be discounting heavily to up
    their sales (thats why the Canon 350D is available for £350, on 12 month
    interest free credit).
    They had another profits warning yesterday, where they admitted that
    they would not make any profit this financial year, and are likely to be
    £5m in the red.
    They also said if their banking agreements could not be altered, i.e.,
    if they cannot borrow more, then they will not be able to buy in any
    stock later in the year, thus they will be finished.
    From the report I read, it gave no other details, but from the above, it
    looks like they are close to going into Liquidation, or are to have a
    major strategy rethink, and shut a LOT of stores.

    Some will say it will be no loss, I disagree, I do not go there often,
    but they do have some good offers on, and generally do keep the popular
    items in stock.
    Alan.
     
    A.Lee, Mar 29, 2007
    #1
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  2. A.Lee

    Tony Polson Guest


    It *has* been mentioned. We had a lively discussion about it a month
    ago, immediately after the profit warning.
     
    Tony Polson, Mar 30, 2007
    #2
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  3. A.Lee

    A.Lee Guest

    Err, no, they had a warning of a loss, and 2 Board members resigned on
    Tuesday, along with acknowledgement that they will be insolvent without
    further backing from their banks.
    They have £50m+ of debts, with a market capitalisation of around £16m,
    and virtually no cash reserves.
    Alan.
     
    A.Lee, Mar 30, 2007
    #3
  4. A.Lee

    Tony Polson Guest


    Er, yes we did.

    Obviously, we didn't discuss what has happened in the last week,
    because none of us were clairvoyant.
     
    Tony Polson, Mar 30, 2007
    #4
  5. A.Lee

    Flying Rat Guest

    I knew you were going to say that....

    (I'll get me coat)

    FR
     
    Flying Rat, Mar 30, 2007
    #5
  6. A.Lee

    Tony Polson Guest

    And I knew that's how you were going to respond.
    I knew you were going to say that....

    ;-)
     
    Tony Polson, Mar 30, 2007
    #6
  7. A.Lee

    Rob Morley Guest

    I usually come away from Jessops feeling slightly ripped off, but
    they're the only local shop that hasn't gone completely digital so I
    suppose they have their place. I'll have to drop in and see if there's
    anything I can justify buying. Does anyone know if they still operate
    their price-matching policy? I couldn't find any reference to it on the
    website. I did however notice that they offer a 10% student discount,
    so I'll wave my college card at them and see what happens.
     
    Rob Morley, Apr 1, 2007
    #7
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