12/14/2007 1:00:00 PM
Camera phones to blame for Jessops plummeting sales
Increasingly sophisticated mobile phone cameras have been blamed for huge profit losses at struggling camera retail chain Jessops this year.
Jessops has had to close 81 of its stores and organised emergency refinancing in the summer. At operating level, the chain recorded a £7.5m loss, compared with a £13.2m profit one year ago. It also issued three profit warnings in the first half of this year.
Executive Chairman of Jessops David Adams commented that the market was 'challenging and that trading conditions remain tough', but was optimistic on its future saying 'the key period is still to come'.