Jessops cut stores and jobs

High Street photographic chain Jessops has announced it is to axe 81 stores in a cutback as part of a "strategic review".

The company said that 47 of the stores were "overlapping," 31 were loss making and three were being redeveloped.

Jessops will shed 550 jobs and expect to realise savings of £15 million and a new banking facility has been agreed with HSBC.

Jessops Chief Executive Chris Langley said: “The strategy and actions we have announced today build on the underlying strengths of Jessops and our unique position as the leading photographic retailer in the UK.

“Our results show the extent of the tough market conditions we have faced in the past eight months and the severe price deflation affecting our markets. Despite this, the number of cameras sold increased and we continued to make market share gains."

He added: “Whilst the market is likely to remain challenging, I am confident that the steps we are taking will provide us with a stronger platform for the future."

The firm's traditional business has been hit by the rise of digital camera technology and intense competition in the sector.


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