High street photographic retailer Jessops has fallen into administration, putting 2,000 jobs in jeopardy across the UK.
The company which has a store in Dundee and outlets in all other major Scottish cities called in professional services and business recovery specialists PwC yesterday after failing to agree a new funding package with investors and suppliers.
Joint administrator Rob Hunt said the core market fell significantly in 2012 and the outlook for this year was for further decline.
Jessops had revenues of £236 million from its 192 stores and online last year.
However, PwC said the company had not generated the profits expected despite additional resources being made available by funders.
Although continuing to trade for the foreseeable future, PwC said Jessops would no longer honour customer vouchers or accept returned goods.
Mr Hunt said: “Over the last few days the directors, funders and key suppliers have been in discussions as regards additional consensual financial support for the business.
“However these discussions have not been successful,” he said.
“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.”
He added: “In the current economic climate it is inevitable there will be store closures.”