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Author Topic: Tell me why this doesn't mean Jessops is bankrupt  (Read 2506 times)

Offline Jonathan

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Tell me why this doesn't mean Jessops is bankrupt
« 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


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Offline Oldboy

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Re: Tell me why this doesn't mean Jessops is bankrupt
« Reply #1 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:

Offline John Doyle2

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Re: Tell me why this doesn't mean Jessops is bankrupt
« Reply #2 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!

Offline krennon

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Re: Tell me why this doesn't mean Jessops is bankrupt
« Reply #3 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....
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Offline minky_monkey

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Re: Tell me why this doesn't mean Jessops is bankrupt
« Reply #4 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.

Offline Zenmer

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Re: Tell me why this doesn't mean Jessops is bankrupt
« Reply #5 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 
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Offline Jonathan

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Re: Tell me why this doesn't mean Jessops is bankrupt
« Reply #6 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.
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Offline Oldboy

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Re: Tell me why this doesn't mean Jessops is bankrupt
« Reply #7 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

Offline oRGie

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Re: Tell me why this doesn't mean Jessops is bankrupt
« Reply #8 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.

Offline hevans

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Re: Tell me why this doesn't mean Jessops is bankrupt
« Reply #9 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.

Offline ABERS

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Re: Tell me why this doesn't mean Jessops is bankrupt
« Reply #10 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. :(

Offline Jonathan

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Re: Tell me why this doesn't mean Jessops is bankrupt
« Reply #11 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.
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Offline Oldboy

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Re: Tell me why this doesn't mean Jessops is bankrupt
« Reply #12 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

Offline Al Birmingham

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Re: Tell me why this doesn't mean Jessops is bankrupt
« Reply #13 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!
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Offline Oldboy

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Re: Tell me why this doesn't mean Jessops is bankrupt
« Reply #14 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:

 

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