Shareholders in Jessops may end up with nothing - Jessops' sales are down and shareholders are unlikely to see any return.
Shareholders with Jessops were told today that they are “unlikely to realise any value from their equity” as talks with Jessops' lenders continue.
“In January we said that we were in discussions with our advisers and HSBC Bank and that it was highly likely that this exercise would involve a fundamental restructuring of our debt. These discussions continue,” said Jessops' Executive Chairman, David Adams in a statement today.
He continued, “Regrettably however, against the backdrop of the challenging retail environment and the historic level of debt, the board believes that it is unlikely that any value will be attributed to shareholders. Nevertheless we are still working with HSBC towards a solvent solution for the business.”
The camera retailer also reported that in the six months to 31st March, like for like sales fell by 4.5% and their loss before non-recurring items and tax has grown to £5.9 million.
David Adams said: “Since my arrival at Jessops in 2007, the team has worked very hard in extremely challenging conditions to secure a successful future for the business. We have reduced costs wherever possible, worked closely with suppliers and explored a range of options to deliver a sustainable future for Jessops.”
Jessops' restructuring programme is still ongoing.
Thanks To: www.ephotozine.com
Jessops' debts are mounting
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Monday, May 25, 2009
Taken on a Nikon D300 with a humble 50mm/1.4, 1/640th f8, just use your legs to zoom. The "pro-photographers" at this event is Grassicks, their photographer chooses one fence which looked ok but with no background to give any clue where the event was being held.
Wednesday, May 20, 2009
Monday, May 18, 2009
05-16-2009pretty generous with the Alpha leaks in the run up to this launch, but it looks like this new trio of DSLRs for "first time" SLR buyers, the Alpha 230, 330 and 380, is ready to go. The press release confirms all of what we already knew, along with bringing word that the cameras will support SD/SDHC cards in addition to Sony's still-kicking Memory Stick format. The best news is in pricing, however: the shooters will retail in two different kit types, with the L-series cams ringing in at $550, $650 and $850, respectively, when paired with the SAL-1855 standard zoom lens. The Y kit series adds a second lens, the telephoto SAL-55200, along with bumping the kit price $200 across the board. Pre-orders will start on May 18th, with the cameras becoming available in July. Oddly, while parts of the press site are live, the pr! ess shots are still on lockdown, beyond a nice stack of thumbnails -- we'll keep you posted.
[Via Photo Rumors]