Jessops gone into administration...
Discussion
jan50 said:
It also highlights the fact that gift vouchers can be discarded whereas cash can't. I don't think i'll ever buy gift vouchers again and if I ever receive any I will spend them immediately rather than putting them in a drawer.
Indeed. Look on a gift voucher as an unsecured interest-free loan to the company in question, because that's all it is.
"If you are owed money by Jessops (e.g. due to vouchers not honoured, deposits, returns, pre-paid courses etc) you can register an unsecured creditor claim with the administrators using the form on the PwC website (http://www.pwc.co.uk/jessops). Please note, there is no guarantee that there will be any payment to unsecured creditors of the company. If there is a dividend paid, this will be in many months time and is likely to be only a small proportion of the claimed amount."
And that, folks, is why Vouchers are a mug's game. When you buy vouchers, you are giving that company an unsecured interest-free loan. If they close down, you are an unsecured creditor and if you're lucky you'll get a few pence in the pound back.
And that, folks, is why Vouchers are a mug's game. When you buy vouchers, you are giving that company an unsecured interest-free loan. If they close down, you are an unsecured creditor and if you're lucky you'll get a few pence in the pound back.
Bought a camera from Jessops this afternoon and 90 minutes later, news broke out that all stores were closing down at end of trading (Friday) and all jobs gone. Sad day as I bought a lot of stuff from them and they have never pressured me in buying unnecessary or more expensive stuff.
The brand has been around since 1935 so I hope something comes out of this. But hard to say like the snow...
The brand has been around since 1935 so I hope something comes out of this. But hard to say like the snow...
singlecoil said:
False dilemma. You are asking me to choose between them charging the kind of money that they do now, and them doing it for free.
Oh I agree, but you didn't offer an alternative. I can't see an easy alternative. People are motivated by payment, perhaps a base payment + long term incentive on a future business model (% of shares?) might be better?Oakey said:
If Jessops were still selling vouchers right up to going into administration shouldn't that be seen as fraudulent?
No. It's a black and white situation. Either it's viable to carry on or it's not. Until the "not" takes over it's business as usual.Think of it like pregnancy. You either are or you aren't. There's no grey.
10 Pence Short said:
GavinPearson said:
A huge pity, and strange in a way.
Photography has boomed in recent times because it is so accessible, the products may have changed, the mix of products may have changed but the total value of product has increased immensely.
With a brand name that is as well recognised as Jessops I am astounded they couldn't make money.
Considering the death of 35mm and associated revenue streams, and the emergence of the smartphone, I'd love to know what has driven an increase in value in the UK photography market recently. In fact, I imagine so would Jessops.Photography has boomed in recent times because it is so accessible, the products may have changed, the mix of products may have changed but the total value of product has increased immensely.
With a brand name that is as well recognised as Jessops I am astounded they couldn't make money.
Nowadays, nearly everybody has a digital camera on their phone, and people that are enjoying the results are going and buying cameras. Yes, they are digital, but they are cameras, and they still need photos printed. And people still buy all the accessories. The market has grown, the products are just a bit different. They still result in photgraphs that people can put in albums.
The management team that Alan Jessop put together were very, very smart and took a business that was well respected in the Midlands with a single location and making a ton of money and turned it into a national chain that were highly respected and profitable. It was after it was bought out that things went wrong. Having known a few of their original staff I think it's an incredible shame that their legacy was squandered.
Ozzie Osmond said:
Oakey said:
If Jessops were still selling vouchers right up to going into administration shouldn't that be seen as fraudulent?
No. It's a black and white situation. Either it's viable to carry on or it's not. Until the "not" takes over it's business as usual.Think of it like pregnancy. You either are or you aren't. There's no grey.
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