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Jessops Closes 81 Stores
The beleaguered UK photo retailer Jessops has announced plans to close 81 stores. These include 47 overlapping premises, 31 loss-making and three subject to redevelopment. Approximately 550 staff will be made redundant. The remaining 234 Jessops stores are apparently “profitable and cash generative”. As a result of this and other measures, total overheads will be reduced by over £15m, although Jessops anticipates £25m of costs during 2007. Commenting on the Strategic Review, David Adams, Executive Chairman, said: “The Board is confident that Jessops will deliver a significant turnaround in its financial performance.”
Website: Jessops Press Release
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