St Albans shop forced into administration (From St Albans & Harpenden Review)

Jessops in The Maltings, St Albans, forced into administration

5:15pm Wednesday 9th January 2013 in News By Zoe Forsey, Senior Reporter

A photography shop in St Albans has announced that it is unable to accept gift vouchers, after the company was forced into administration today.

Shoppers will not be able use vouchers or return goods to Jessops in The Maltings.

The high street retailer appointed administrators today after its core marketplace declined in 2012.

The future of the St Albans shop is uncertain as administrators said that store closures would be inevitable.

Joint administrator Rob Hunt said: "Over the last few days the directors, funders and key suppliers have been in discussions as regards to additional consensual financial support for the business.

"However these discussions have not been successful. In light of these irreconcilable differences the directors decided to appoint administrators and we were appointed earlier today.

"Our most pressing task is to review the company's financial position and hold discussions with its principal stakeholders to see if the business can be preserved.

"Trading in the stores is hoped to continue today but is critically dependent on these ongoing discussions. However, in the current economic climate it is inevitable that there will be store closures."