Jessops posts 4.7% fall in sales for quarter ended Aug. 16

Photographic retailer Jessops has posted a 4.7 per cent fall in like-for-like sales for the quarter ended August 16, citing problematic retailing environment.

Earlier, Jessops had witnessed a year-on-year fall of 3.6 per cent during the 8-week period to May 24.

Jessops said that it expected to report another loss in the running financial year.

It is important to mention here that Jessops is in talks with its key lender, HSBC regarding a fundamental restructuring of its debt, a move that can save its business.

However, Jessops has already warned its shareholders that they were unlikely to be left with any value after the deal.

Jessops' spokesperson said, "Due to the historic high level of debt, the board believes that it is unlikely that any value will be attributed to shareholders."