Photographic retailer Jessops has approached administrators in a bid to salvage its struggling property arm.
The retailer, owned by Dragons’ Den star Peter Jones, has filed a notice of intention to appoint restructuring advisory firm Resolve as the administrator for its property arm JR Prop Limited, according to Sky News.
If an administration is confirmed, Jones is reported to be considering a CVA with creditors that would lead to store closures and rent cuts across its estate.
Jessops employs around 500 people and jobs would be at risk in any possible restructuring of the business.
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