Camera Craniums

General Category => General Discussion => Topic started by: Jonathan on September 29, 2009, 10:11:34 AM

Title: Tell me why this doesn't mean Jessops is bankrupt
Post by: Jonathan on September 29, 2009, 10:11:34 AM
Shareholders just lost 95% of their money.  "Jobs are safe" but they ain't ruling out store closures.  And it's pretty much owned by HSBC now.  Oh and they still have £20M of debt with no hope of raising capital by share issue.  Looks a bit like bankruptcy to me.... http://bit.ly/JSngr
Title: Re: Tell me why this doesn't mean Jessops is bankrupt
Post by: Oldboy on September 29, 2009, 10:23:00 AM
Well it would be if HSBC pulled the plug!  :(

Does that mean it won't be supporting the DCM competition in future?  ::)

It needs to fire all the directors including the one who went on the buying spree in the nineties, in a mad rush for expansion.  :doh: :tup:
Title: Re: Tell me why this doesn't mean Jessops is bankrupt
Post by: John Doyle2 on September 29, 2009, 11:50:02 AM
Jessup’s picked up a lot of flak in the past! Mainly regarding their pricing policy and also in their confusing ‘Price Matching’ relating to various web sites. However many photographers [and beginners] got their ‘hands on’ in Jessup’s, some even made a purchase too. Advice varied from good to bad depending on the store staff. Ineptitude and possibly bad control of the operation policy from the top is my opinion. Yes, heads should roll for this blunder. However, it would be a shame and possibly our loss if they go bankrupt and close down!
Title: Re: Tell me why this doesn't mean Jessops is bankrupt
Post by: krennon on September 29, 2009, 12:10:53 PM
I reckon they need to sort out their pricing on "consumables" like filters and memory cards, they are wa over the top...lenses and stuff they don't seem so bad for the SONY 70-300 is £179.00 in Jessops and £177.00 from Warehouse Express...if I had the money I would get it from Jessops as I can go along there at lunchtime....would hate to see it go there's a couple of really good staff in my local one who know what they're talking about....
Title: Re: Tell me why this doesn't mean Jessops is bankrupt
Post by: minky_monkey on September 29, 2009, 06:39:43 PM
Kingston`s always been pretty good for me.  They`re reasonably competitive on bodies, lenses less so.

I bought my original 350D from them and personally would hate to see them go under, but they desperately need to sort themselves out.
Title: Re: Tell me why this doesn't mean Jessops is bankrupt
Post by: Zenmer on September 29, 2009, 06:52:55 PM
My local Jessops has recently made a most staff redundant, they then had to re-apply for their jobs, which of course a lot of the older, more experienced ones haven't  got, they've been given to cheaper to employ school leavers 
Title: Re: Tell me why this doesn't mean Jessops is bankrupt
Post by: Jonathan on September 29, 2009, 06:53:58 PM
I reckon they need to sort out their pricing on "consumables" like filters and memory cards

Um, that's the only place they will make any money at all.  I worked for DSG for a while and cables etc were called "essentials" and never ever discounted.  Wouldn't surprise me if they paid the manus to take cables out of the printer boxes.  IIRC profit on a laptop case is something like 3X the profit on the laptop.  I don't mean in percentage terms - I mean ££.

Profit on the 70-300 lens might be £20.  Profit on a £24.99 UV filter for it might be £22.  They have to pay the staff and for the stores somehow.
Title: Re: Tell me why this doesn't mean Jessops is bankrupt
Post by: Oldboy on September 29, 2009, 07:36:26 PM
I reckon they need to sort out their pricing on "consumables" like filters and memory cards

Um, that's the only place they will make any money at all.  I worked for DSG for a while and cables etc were called "essentials" and never ever discounted.  Wouldn't surprise me if they paid the manus to take cables out of the printer boxes.  IIRC profit on a laptop case is something like 3X the profit on the laptop.  I don't mean in percentage terms - I mean ££.

Profit on the 70-300 lens might be £20.  Profit on a £24.99 UV filter for it might be £22.  They have to pay the staff and for the stores somehow.
They get 30% on lenses but 70% on photos.  :o
Title: Re: Tell me why this doesn't mean Jessops is bankrupt
Post by: oRGie on September 29, 2009, 09:18:56 PM
I used to like going into jessops, but I bought my first cam from a small indie shop, I miss them too, but I guess at the end of the day as consumers become more confident in shopping on-line and highstreet stores cost so much to run, its fairly obvious they are not going to be able to compete.
Title: Re: Tell me why this doesn't mean Jessops is bankrupt
Post by: hevans on September 29, 2009, 10:27:35 PM
Sadly, though, it's very important to try out the product yourself before buying. You can't do that online.

H.
Title: Re: Tell me why this doesn't mean Jessops is bankrupt
Post by: ABERS on September 29, 2009, 11:01:04 PM
Remember Jessops first store, well it was more a warehouse really, in Hinckley. Must have been back in the late 70's, and they had hit on this 'new idea' of buying in bulk and selling cheaper than the local camera shops.

It was a bit like Argos is today, you went with their advert from AP, up to a counter said what you wanted, paid for it and collected your goods at the counter on the way out. If you went at the weekend the queues were enormous.

Strange really, they then expanded into the shop regime and other dealers like Warehouse Express, Park Cameras went in the opposite direction. Here they are now hanging on by their fingertips. Shame really. :(
Title: Re: Tell me why this doesn't mean Jessops is bankrupt
Post by: Jonathan on September 30, 2009, 11:06:05 AM
They get 30% on lenses but 70% on photos.  :o

Is that based on hard numbers of guesswork?

There was a Canon price list on the net a while ago showing markup and IIRC consumer level lenses were somewhere around 17%, pro 20 ish and exotics rather more.

No way there is 70% profit on prints.  No way at all.  Even discounting the cost of the machine.
Title: Re: Tell me why this doesn't mean Jessops is bankrupt
Post by: Oldboy on September 30, 2009, 11:25:12 AM
They get 30% on lenses but 70% on photos.  :o

Is that based on hard numbers of guesswork?

There was a Canon price list on the net a while ago showing markup and IIRC consumer level lenses were somewhere around 17%, pro 20 ish and exotics rather more.

No way there is 70% profit on prints.  No way at all.  Even discounting the cost of the machine.
It's quoted from an article online.  ;D
Title: Re: Tell me why this doesn't mean Jessops is bankrupt
Post by: Al Birmingham on September 30, 2009, 02:45:52 PM
They get 30% on lenses but 70% on photos.  :o

Is that based on hard numbers of guesswork?

There was a Canon price list on the net a while ago showing markup and IIRC consumer level lenses were somewhere around 17%, pro 20 ish and exotics rather more.

No way there is 70% profit on prints.  No way at all.  Even discounting the cost of the machine.
It's quoted from an article online.  ;D

Ahh, an article on line, it must be true then!
Title: Re: Tell me why this doesn't mean Jessops is bankrupt
Post by: Oldboy on September 30, 2009, 03:36:43 PM
They get 30% on lenses but 70% on photos.  :o

Is that based on hard numbers of guesswork?

There was a Canon price list on the net a while ago showing markup and IIRC consumer level lenses were somewhere around 17%, pro 20 ish and exotics rather more.

No way there is 70% profit on prints.  No way at all.  Even discounting the cost of the machine.
It's quoted from an article online.  ;D

Ahh, an article on line, it must be true then!

It's from the Telegraph online: http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/5215061/Executive-chairman-puts-his-imprint-on-Jessops-camera-chain.html  :tup:
Title: Re: Tell me why this doesn't mean Jessops is bankrupt
Post by: Jonathan on September 30, 2009, 04:22:46 PM
Hmmmmmmm.  It says profit on accessories is 30%.  That could be lenses (though I doubt it) but is much more likely to be cases and filters.

As for "on hard-copy photos and posters it is around 70pc" - maybe on posters.  Jessops print in store on Oxford Street and sell on convenience.  Maybe they charge 20 quid for a poster or a mug.  But most stores do digital prints for 5p.  If there was 70% profit on them then somebody would do them for 4p and somebody else would do 30 for a quid.  It's an extremely competitive and price sensitive market.
Title: Re: Tell me why this doesn't mean Jessops is bankrupt
Post by: CML-1591 on October 06, 2009, 07:08:29 PM
Don't know if it's been said on here but, apparently they are not, an employee on my course got told they are not, although they prob tell them that anyway. Her store is apparently getting bonuses anyway lol
Title: Re: Tell me why this doesn't mean Jessops is bankrupt
Post by: Bigbill on October 08, 2009, 08:43:42 AM
Hewwo from dark and dreary Sheffy,

Now then,,,good old Js has just been taken over by HSBC,,,,,,which for me is good news,we NEED the high street outlets,

Ive had my ups and downs with Js,but cant fault the staff in the branches,,,,

Shine On