Jessops crash costs Canon £7m ($11m usd)

[paul13walnut5]

http://www.amateurphotographer.co.uk/photo-news/539486/jessops-scale-of-financial-horror-revealed-update-12-45pm

Of the £16.3m owed by Jessops to Canon £9.3m was held in stock, which should be returned to Canon.

 

[J.R.]

What a disaster!

 

[paul13walnut5]

I have sympathy for the front-line staff and the customers who lost their cameras / gift vouchers etc, but struggle to mourn the loss of Jessops as an institution.

Big hit for Canon though..

 

[Mt Spokane Photography]

Canon invested in Jessops, knowing that there was a huge chance of them going under. This allowed them to sell millions in cameras thru Jessops, so they likely did not actually lose.
The bookkeepers do have it all figured out.

 

[paul13walnut5]

I do believe that the house always wins. Which is why I don't gamble.

 

[insanitybeard]

I do believe that the house always wins. Which is why I don't gamble.

Ha, I like your choice of phrase! Very true.... it's probably small change for Canon anyway! ;D

 

[Rienzphotoz]

http://www.amateurphotographer.co.uk/photo-news/539486/jessops-scale-of-financial-horror-revealed-update-12-45pm

Of the £16.3m owed by Jessops to Canon £9.3m was held in stock, which should be returned to Canon.

WOW!
I've only been to one Jessops store in my entire life ... it was in Glasgow during my vacation to UK in 2010 ... after having read a lot about Jessops, I was expecting a really nice big store with lots of inventory but when I went to the store, I was surprised to see all entry level cameras, lenses, accessories and the store too was kinda small ... I suppose bigger stores in London, Edinburgh probably had better inventory ... but it is sad when big chains like that collapse, you can't help but feel bad for them, especially when they provided employment to so many people. Hope all the Jessop staff who got laid off get better offers elsewhere.

 

[CarlTN]

Life is a gamble.

 

[Menace]

Canon will survive