High street camera retailer Jesssops has announced the closure of 81 stores at a cost of 550 jobs in a bid to stay afloat.
The firm announced pre-tax losses of £25.2m for the six months to 1 April, and has agreed a £66.5m banking facility with bank HSBC December, 2008.
Jessops said that 31 of the 81 stores to be closed were loss-making, 47 overlapped too closely with neighbouring stores, while three were to be redeveloped. It will keep 234 stores.
It plans to develop its website and concentrate on developing its digital printing and photo merchandising as a part of a new strategic review.
Chris Langley, chief executive of Jessops, said: “Phase one of our strategic plan is set out in the restructuring actions announced today. Phase two involves focusing the business around an image enjoyment, customer-led proposition, and on those parts of our market that continue to demonstrate growth, namely in-store and online digital printing and digital SLR [single-lens reflex] camera sales.
“We have a strong team in place who have the skills and experience to ensure that we will deliver this strategic plan,” he added.
