Deathwatch: Jessops use the liquidation word but there's nothing to see here.
That’s our unusual and somewhat creepy of telling you that things just got a little worse for the troubled chain of camera specialists. They’ve quietly announced that they’re going into voluntary liquidation, but are reassuring customers that there’s nothing to worry about. Got that?
Here’s what the Business Link website tells us about voluntary liquidation…
“Voluntary liquidation involves dissolving all of a company's assets, paying off employees in accordance with redundancy law and closing the business down.
It is usually only considered when all other options have failed (eg when no one is interested in buying the business or taking over its management).
There can be quite substantial expenses involved, and so voluntary liquidation is unlikely to provide the best returns for business owners who are looking to raise cash.”
But Jessops have said that their voluntary liquidation is a mere formality, as part of the process leading to the company being de-listed from the Stock Exchange. And not in any way a precursor to them collapsing in a heap of toxic debt. Oh no.
Speaking about the voluntary liquidation, a Jessops spokesdude said “It has no effect whatsoever on the high street shops which continue to operate as before and will continue to do so.” Many more millions of pounds of losses and the closure of loads more stores then?
Ah, our knackered old camera has packed up altogether. Wonder where we should go to get a new one...
[Thanks to HotUKDeals member actionman123]