High street photographic retailer Jessops has announced a restructuring aimed at saving jobs.
Under the terms of the restructuring, Jessops is to be 47% owned by its biggest creditor, HSBC. The remaining 53% of the company will be owned by pension and employee trusts.
In return for its share, HSBC will write off £34m owed by Jessops.
The company has cut head office staff from 375 to 150 in less than two years, but said that the restructuring should protect remaining staff.
David Adams, executive chairman of Jessops, said: “The important thing is that 2,000 jobs are safe”, although he did not rule out further branch closures, according to the Times.