Photographic retailer employs around 80 people across 11 Scottish stores
Photographic retailer Jessops has gone into administration putting around 2,000 jobs at risk across the UK.
PricewaterhouseCoopers (PwC) has been appointed as administrator for the stricken retailer.
An application from Jessops to enter into administration was filed with the High Court this morning, believed to be related to ongoing funding problems.
The specialist camera retailer, which employs around 2,000 staff across 200 stores nationwide, including 11 in Scotland employing around 80 people, announced plans earlier in the week to close 15 of its stores.
No details were provided on which of its UK stores were not, in Jessops' own words, meeting “the required level of viability”.
Jessops came close to collapse in 2009 before its main lender, HSBC, rescued the company via a debt-for-equity swap which saw HSBC take a 47 per cent stake in the company in return for writing off £34 million in loans.
The deal led to the company delisting from the stock market, wiping out investors' stakes.
Jessops had amassed debts of nearly £60 million by 2009 when it reported a loss before tax of nearly £50 million for the 2009 year to September 30.
The company had also come close to collapse in 2007 when its losses hit £70 million, forcing a raft of store closures.
Last year, Jessops reported a three per cent rise in revenue for the 2011 financial year to £236.8 million, despite a seven per cent drop in digital camera sales in what was a “very challenging” year.