Two high street retailers go into administration

Published: 15 Jan 2013 20:010 comments

THE high street suffered a double blow this week when it was announced that two major high street retailers had gone into administration.

Camera chain Jessops closed its Reading shop, in Queen Victoria Street, on Friday - four days before music and DVD retailer HMV announced it was appointing an administrator, putting 4,350 jobs at risk.

The store, based in The Oracle, has been battling with the rise in online downloads.

A statement released by the company read: "The board regrets to announce that it has been unable to reach a position where it feels able to continue to trade outside of insolvency protection and in the circumstances therefore intends to file notice to appoint administrators to the company and certain of its subsidiaries with immediate effect."

It is no longer accepting gift vouchers, and the statement added that the board "understand that it is the intention of the administrators, once appointed, to continue to trade whilst they seek a purchaser for the business."

Reading's Jessops store was one of 187 across the country which shut last week, leaving 1,370 people out of jobs nationwide.

The chain has been struggling following a drop in sales last year and administrators PricewaterhouseCoopers (PwC) have been appointed to handle the closures.

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