Jessops is Today's Doom-Threatened High Street Name

By Gary Cutlack on at

High street camera chain Jessops, which went bust six years ago but managed to avoid total extinction by selling a few decent assets to TV businessman Peter Jones, is preparing to declare itself bankrupt again and begin a process that could see some of its 46 remaining outlets closed for good.

Jones is looking to push a modern financial universe instrument known as a company voluntary agreement into place, a fairly unpopular method of declaring a business insolvent so that debtors, and landlords owed rents in particular, can be binned off or forced to accept large and unfashionable haircuts on their outstanding loans so the core brand can restart operations, shorn of oppressive fiscal liabilities.

Jessops currently employs around 500 people, quite an impressive feat for a standalone camera company in this day and age, when telephones usually come with at least three free ones built in. [Sky News]