Jobs are lost as companies fold

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FOUR jobs have been lost in Banbury with even more at risk as two town centre stores confirmed they had entered administration.

Last Friday Jessops announced the closure of 187 stores nationwide, including its branch in Castle Quay, Banbury, after going into administration two days earlier.

The news was followed by confirmation HMV had also appointed administrators on Tuesday, throwing doubt over the future of the music retailer which also has a store in Banbury’s shopping centre.

The immediate closure of Jessops resulted in four job losses at the town centre store, which was confirmed by administrators PwC on Friday following poor sales in 2012 and further losses predicted in 2013.

In a statement, Rob Hunt, joint administrator and PwC partner said: “We have reviewed the position of the business and held extensive discussions with suppliers. It is apparent we cannot continue to trade and as a result we had to make the difficult decision to begin the closure of all 187 Jessops stores at the close of business on Friday.

“As a consequence of the closure, Jessops is no longer able to accept returned products from customers. This is an extremely sad day for Jessops and its employees.”

Deloitte has been appointed as joint administrator of HMV, putting an unconfirmed number of Banbury jobs at risk. Yesterday (Wednesday), the company was still trading but not accepting gift cards or vouchers.

Nick Edwards, joint administrator and restructuring services partner at Deloitte, said: “HMV is an iconic retailer and continues to be a very popular brand, but as we have seen with many high street retailers, the market is changing rapidly and conditions are currently very tough.

“Following our appointment, we are working closely with management and staff to stabilise the business in order to continue trading while actively seeking a purchaser for the business and assets. We appreciate the cooperation and support from the staff, customers, suppliers and landlords at what is clearly a difficult time.”