Another one bites the dust....

[Kenton]

 

Jessops was heavily in debt to suppliers so clearly stuff will be recovered against unpaid bills if at all possible.  Apparently - according to the DT - the bank tried to persuade the suppliers to extend credit but they weren't prepared to play ball and the plug has now been pulled.

and probably one of those creditors was HMRC (often is in these cases) so that makes the typical vilification in post 3 a bit of nonsense (Reminder: only a company that makes a profit has to pay tax, and a company that makes a profit is much less likely to go into administration)

[John C]

But you don,t have to make a profit to owe HMRC as they are responsible for the collection of VAT

[ian]

But you don,t have to make a profit to owe HMRC as they are responsible for the collection of VAT

 

...and employee's income tax, employee's National Insurance, employer's National Insurance.

[RANGERS]

Over 30+ years, I've bought numerous items from and had literally hundreds of rolls of print and slide film processed by Jessops so it's a sad day to see the demise of them. Why? well we can speculate on all the reasons 'til the cows come home but the bottom line is too few customers to generate enough sales with too little profit to keep the business viable.

[The Stationmaster]

and probably one of those creditors was HMRC (often is in these cases) so that makes the typical vilification in post 3 a bit of nonsense (Reminder: only a company that makes a profit has to pay tax, and a company that makes a profit is much less likely to go into administration)

 

There might well be unpaid tax from the last - very poor trading - month but not much else from what has been in the financial pages so far.  The bank had already swapped debt for equity so there is little if anything owed there (possibly some working capital?) but the big problem is credit from the suppliers.  Talks were apparently in progress to try to persuade the suppliers to extend further credit and they refused and the company didn't have the money to meet their bills so has been put into liquidation (I think it is liquidation, not receivership but that isn't entirely clear from some reports).

[34theletterbetweenB&D]

So you're the bloke who bought one! At the time it did seem to be a real rival for the Nikon F - new lensmount, auto-exposure, interchangeable heads, 250-back, the lot, and promotion was very strongly backed. But conservatism in the UK - at least - meant sales were derisory. While Canon had been dab hands at rangefinders in the early days, as Nikon had, their SLRs had been more mass-market than pro...

 I didn't actually buy it new, someone named Stevie the Seal had it for its first twelve years. What I had bought new soem years before while in the USA was a Canon AE1, required in a great rush for a job, as it was what the local retailer had available for sensible money (had gone in intending to buy an OM1) and found that I very much liked it. Then one of the optics guys put the standard lens on the  Modulation Transfer test bench and couldn't quite believe the performance, which rather sold me on the make. Apparently it was near 'perfect' in that the resolution was practically at the limit for diffraction determined by the aperture, from being stopped down to F1.7 all the way to F16. And it was no slouch wide open.

[Trevellan]

I was a regular Jessops customer back in the days when they had just the main Leicester premises and the smaller shop in Finchley Road. I bought bulk film and lots of other stuff, but lost faith in them when they decided to expand into a nondescript High Street retail chain. I and my cohorts felt they had dumbed down and all too many of the staff appeared to be ex-Dixons (people of a certain age will appreciate the reference). I did use one of the London stores occasionally during my time at DfT and the drivel I heard being offered as advice was, frankly, embarrassing.

 

These days I use Warehouse Express - sorry, Wex Photographic as they are now - for most of my needs. Prices are highly competitive, the website provides a lot of valuable information and their service is superb. 'Nuff said.

[ELTEL]

The point is that retail chains like Jessops or Woolworths make national headlines when they close, but a local model shop closure wil I doubt even make the local press

My plea is where ever possible use your local model shop or shop from them at the many model shops who take space at model railway exhibitions

Yes I have used the Internet sites with model rail purchases but if you build up a good customer relationship with your local model shop often there price (with no postage to pay) is very little more, and they are there if anything is wrong.

Your Internet sites are not interested in supplying your day to day modelling needs, so support your model shop for the future of modelling

As a club member, our club has negotiated a deal with a number of local model shops for a discount for paid up members.

Eltel

Having just read about the demise of the Wakefield Model Shop together with Charlie Petty's comment I think this fully confirms my point USE YOUR MODEL SHOPS OR LOSE THEM FOR EVER

[melmerby]

 I didn't actually buy it new, someone named Stevie the Seal had it for its first twelve years. What I had bought new soem years before while in the USA was a Canon AE1, required in a great rush for a job, as it was what the local retailer had available for sensible money (had gone in intending to buy an OM1) and found that I very much liked it. Then one of the optics guys put the standard lens on the  Modulation Transfer test bench and couldn't quite believe the performance, which rather sold me on the make. Apparently it was near 'perfect' in that the resolution was practically at the limit for diffraction determined by the aperture, from being stopped down to F1.7 all the way to F16. And it was no slouch wide open.

The FD mount lenses has some pretty good ones in the catalogue. The photo mags seemed to use them as a reference point at one time against which the other makes were compared.

 

I've got an A1 and a couple of Canon lenses (24mm f2.8, + 200mm f4) sitting in my camera bag slowly turning to dust, Even though I haven't used them for years, I feel loathe to get rid of them but they probably have little S/H value.

SWMBO has a T70, likewise!

 

Keith

[Jol Wilkinson]

A wider issue may be that all camera manufacturers have to continually evolve new product lines (just as mobile phone makers / computer manufacturers etc. do) so they have the latest must-have gismo to tempt those with a bit of spare cash (fewer and fewer every day). DSLR's are a significant improvement on the old SLR's but a new model introduced every year or so in each market sector is going to be harder to sustain. I sometimes read a photo-magazine dedicated to Nikon and note that many of the contributors use a lot of kit that is supposed to be obsolete now.

The rate of product development challenges staff in many shops as they have to cover cameras, DVR's and a whole range of other fast developing consumer products. I also suspect that those with cash are likely to be over a certain age (with kids flown the nest etc) and these people are probably now more selective about where and cautious about how they are parted with their money. I certainly think my 3+-yr-old DLSR is perfectly adequate for my needs because I have several interests rather than just focusing on photography (sorry, couldn't resist developing that pun).

 

The emerging markets in the east will sustain new product development. Add to that the current young generation to whom communication and experience sharing, coupled with the status of having the latest gear (be it trainers or technology) is so crucial in their lives, means that they will find the money to buy those products.

[Oldddudders]

The FD mount lenses has some pretty good ones in the catalogue. The photo mags seemed to use them as a reference point at one time against which the other makes were compared.

 

I've got an A1 and a couple of Canon lenses (24mm f2.8, + 200mm f4) sitting in my camera bag slowly turning to dust, Even though I haven't used them for years, I feel loathe to get rid of them but they probably have little S/H value.

SWMBO has a T70, likewise!

 

Keith

Yes, it was those years when Canon produced the AE1 and then A1 that took them up the popularity scale - shutter-priority automatic (called Tv?) was what action-shooters wanted, and Nikon was still offering aperture-priority. Canon had always made good lenses - now they had the affordable bodies to match them.

[Bernard Lamb]

But you don,t have to make a profit to owe HMRC as they are responsible for the collection of VAT

The biggest slice due to a government department would seem to be that due to the PPF.

Both they and HSBC according to a PwC spokesman face an almost total write off.

They take priority over most other creditors so there is most certainly nothing left for any supplier or customer.

The bottom line once again is that the tax payer will have to foot the bill.

Bernard

[Kenton]

But you don,t have to make a profit to owe HMRC as they are responsible for the collection of VAT

...and employee's income tax, employee's National Insurance, employer's National Insurance.

Both absolutely correct.

 

The problem with all too many businesses is that they see thes costs and deductions as £££ in the bank and then use it to purchase goods for sale, more staff or to simply pay other commitments. They also fail to prepare accounts quickly and secure their corporation tax in advance of payment. So when HMRC comes calling for the money that should be in the bank they find a company over extended and using "tax" for operating the business instead of ready to be handed over. The result is usually a very stern letter followed by action to close the business. And rightly so.

 

It always comes down to poor management at the end of the day. Failure of the business to manage a changing market/customer base and a failure to manage their accounts, by using other people's money to fund their own poor management skills.

[Gruffalo]

The biggest slice due to a government department would seem to be that due to the PPF.

Both they and HSBC according to a PwC spokesman face an almost total write off.

They take priority over most other creditors so there is most certainly nothing left for any supplier or customer.

The bottom line once again is that the tax payer will have to foot the bill.

Bernard

Did Jessops have a running DB pension scheme? PPF only claims from the assets for DB provision because in DC schemes the whole risk sits with the employee, assuming the company has routinely paid its contributions to the firm(s) holding the DC pot.

[Kenton]

While Sensors are improving all the time, which naturally filters down to the tiny ones in mobile phones, currently while mobile phone ones are actually very good for general shots in good light, as soon as you want to do anything beyond that they simply can't cope.

 

They have zero analogue zoom capability and poor to terrible low light performance. They also tend not to have great colour rendition when compared to even a compact camera.

I know this is drifting slightly OT, but...

My point was not that the iPhone's camera could not be bettered by a somewhat larger and more complicated modern technology DSLR (and relatively expensive) - it was the combined technological approach an all-in-one point and click general purpose camera, phone, web browser, +++ device that is easy to use, easy to carry and works to suit most needs.

 

I certainly cannot argue the case for this against something for the dedicated photographer prepared to spend on extra lenses, and knows what a F stop means. But for someone who simply need something simple that is ready to hand and can be pulled out of the pocket and snapped at an object without it waiting to warm up, and having to trawl several layers of menu to get it to the optimum settings I think the contest has long been over.

 

A review

[The Stationmaster]

I know this is drifting slightly OT, but...

My point was not that the iPhone's camera could not be bettered by a somewhat larger and more complicated modern technology DSLR (and relatively expensive) - it was the combined technological approach an all-in-one point and click general purpose camera, phone, web browser, +++ device that is easy to use, easy to carry and works to suit most needs.

 

I certainly cannot argue the case for this against something for the dedicated photographer prepared to spend on extra lenses, and knows what a F stop means. But for someone who simply need something simple that is ready to hand and can be pulled out of the pocket and snapped at an object without it waiting to warm up, and having to trawl several layers of menu to get it to the optimum settings I think the contest has long been over.

 

A review

And I think that Jessops had worked themselves into a sort 'populist' photography corner (once arguably the mass market I suppose) and that are is the one that would be hardest hit buy such developments whereas the specialists with good advice and plenty of knowledge can still stand clear of it and hop their end of the market won't suffer from 'the downturn'.

[Bernard Lamb]

Did Jessops have a running DB pension scheme? PPF only claims from the assets for DB provision because in DC schemes the whole risk sits with the employee, assuming the company has routinely paid its contributions to the firm(s) holding the DC pot.

The problem arose when there was a previous problem with Jessops and the PPF became involved with the pension scheme.

 Eventually they took a stake in the company.

It is the value of this stake that almost certainly will be going down the pan.

I think the split was 33% to the PPF and 47% to HSBC.

Bernard

[Coombe Barton]

And now Steph McGovern, BBA Business Reporter on BBC Breakfast, has just tweeted "Looks like HMV is about to go into administration - putting 4,000 jobs at risk."

[gwrrob]

And now Steph McGovern, BBA Business Reporter on BBC Breakfast, has just tweeted "Looks like HMV is about to go into administration - putting 4,000 jobs at risk."

 

Its the likes of Amazon and digital downloads thats put paid to them I'm afraid.Who's next ?

[Xerces Fobe2]

HMV has been on death row for along time and it was always a case of when, not if they went belly up!

 

I can think the names that may well be next but I am not going to post them open forum!

 

XF

[gwrrob]

HMV has been on death row for along time and it was always a case of when, not if they went belly up!

 

I can think the names that may well be next but I am not going to post them open forum!

 

XF

 

I might have gift vouchers for them.I'm not joking.

[blueeighties]

I might have gift vouchers for them.I'm not joking.

Get them spent, quick!

[beast66606]

HMV gone

 

http://www.bbc.co.uk/news/business-21021073

[John M Upton]

Their very sudden 25% blue cross sale on everything that suddenly popped up the other day instantly made me think that they would be sunk within a week and it look sadly like I was right.  A friend of mine on Friday mentioned that if anyone had any HMV gift cards, spend them ASAP.

 

Too late now...

[Ozexpatriate]

Their very sudden 25% blue cross sale

Since this is wheeltappers, I'll permit myself the indiscretion.

 

What is a "blue cross sale"? Is this specific to a chain or a well-understood term?

 

I am familiar with the term "blue light special". Where 'back in the day' a blue light on a pole was wheeled into a K-Mart store accompanied by the announcement "Attention K-Mart shoppers ...". (Curiously in Australian K-Marts it was "red light special".)

 

In the US "Blue Cross" refers to a health insurance organization.