"This is a terribly sad situation to see a long established family run business close down," says Eddie Kerr, a partner at PKF, Jacobs' administrator. "Unfortunately this is an increasingly frequent situation, particularly in the retail sector, where trading conditions have never been tougher."
The camera retailer will be closing, with immediate effect, all of its branches except for its Leicester-based store, which will be used for clearance. The move will cause the loss of 87 jobs after a buyer for the business failed to materialise, says the administrator. "Twenty-five staff will be retained (18 in the head office and seven in the Leicester store) in the short term."
First established in 1939, Jacobs has been the victim of the economic slowdown and "a shift in purchasing toward internet-based retailers," says the administrator.
"We had hoped to sell on some of the stores but unfortunately the market is the same for everyone and is likely to remain this way until the economy starts to show some signs of recovery," Kerr concludes.
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