Chief executive Chris Langley is heading the review, which will 'examine strategic options to reconfigure the business taking into account changing market conditions'.
The retailer expects a first-half loss of£8.5 million after like-for-likes slid 5.2 per cent in the four weeks since February 28. A full-year loss of£5 million is likely, accompanied by debt of£52 million.
Jessops will need working capital this autumn in excess of available banking facilities and 'will explore all options to address this', the retailer said. However, it retains the support of its bank.
In a statement, the company said that non-executive chairman Gavin Simonds is to stand down because 'the group will for a period require more active leadership of the board than his other commitments permit'. He will stay until the interim results in May. Commercial director Robin Whitbread has left.
Langley said: 'Jessops is experiencing unusually tough market conditions, driven by severe price deflation in the camera market leading to pressure on both revenues and margins.'
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