The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Trade, Except Of Motor Vehicles And Motorcycles 47 - Retail trade, except of motor vehicles and motorcycles
550 jobs Number of planned job losses
Announcement Date
21 June 2007
Employment effect (start)
Foreseen end date
Description
Photographic retailer Jessops plans to cut 550 jobs across its retail stores in the UK. It is part of a strategic review which aims to save the Leicester firm 15 million GBP. The company has been suffering from strong internet and supermarket competition in the digital camera and equipment markets. Commenting on latest moves, executive chairman David Adams, said: 'The strategy allows us to re-position Jessops as a true multi-channel retailer, building on our core strengths in the digital imaging market place.' He continued: 'The board is confident that Jessops will deliver a significant turnaround in its financial performance.'
Sources
22 June 2007: The Financial Times
21 June 2007: BBC News
Citation
Eurofound (2007), Jessops, Internal restructuring in United Kingdom, factsheet number 65521, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/65521.
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