|JESSOPS IN ADMINISTRATION
roubled photography retail chain Jessops has stopped purchases on its website a day after it entered administration.
The firm's website allows browsing but a small warning message has been inserted in a banner across the top of the home page.
It reads: "Please note that the Jessops website will not currently process orders however you are able to read product descriptions, customer reviews and watch videos."
But although the website makes clear on other web pages that vouchers priced between £20 and £500 cannot be collected in store, they are still listed as being available for "home and work delivery".
Attempts to add vouchers to the wish list prior to check-out then defaults to the same message that has been inserted on the home page.
Customers of Jessops, which was founded in 1935, have slammed the decision to not honour the firm's vouchers.|
|REcently visited the new store in TRafford Centre- really impressed. knowlegable staff,attractive layout.Most important they are willing to match their online prices in store.
I perfer to look and feel what I am buying.|
|This is really good news:
Date: Tue 18th Jan 2011 9:27:36
Company: Jessops PLC
DJ Jessops' Same-Store Festive Sales Up 3%; Plans 10 New Stores In 2011
LONDON (Dow Jones)--Camera retailer The Jessop Group Ltd., which trades as Jessops, Tuesday posted a 3% rise in sales from stores open more than a year in its six weeks Christmas trading period and said it plans 10 new store openings this year.
The firm, which delisted from London's Stock Exchange in January last year following a solvent restructuring after a prolonged spell of plunging sales, said total group sales in the six weeks to Jan. 9 rose 2.2%.
Its final quarter same-store sales rose 5.3% on the year, with total group sales rising 4.4% in the quarter, which ended Dec. 31.
Jessops also saw strong growth in online sales and reported a near-doubling of sales made through its website in the final quarter.
While the group expects "tough" trading conditions this year due to increased pressures on consumer spending, it nonetheless plans to refurbish 85 stores--adding to 25 store refurbishments in its final quarter--and said it is confident that its products will continue to appeal to its "growing customer base."
-By Hannah Benjamin, Dow Jones Newswires; 44-20-7842-9298; firstname.lastname@example.org
(END) Dow Jones Newswires
January 18, 2011 04:27 ET (09:27 GMT)
Copyright(c) 2011, Dow Jones & Company Inc.|
|i know the sun rises in the east and sets in the west. Simon, hang loose old man|
I am told that cheques have been sent to shareholders: does anybody know any better?
fair point...many thanks for your comments though. It will be nice to see someone who took advantage of the situation which presented itself here profit.|
I am unclear as to how you opened the trade through TDW. So as to the propriety of your claiming damages I am uncertain. My suspicion is that given the dates you declare and imply you never had any means of avoiding the buy in. And on this basis your putative claim against TDW falls away in entirety.
As regards the manner in which TDW approached buying to close, I repeat that you yourself had too large a position to avoid pricing against you at the point of closing. All that seems to me to have happened is that TDW enquired in the market without necessarily declaring their client's position. They then had to open up - with the result you found.
I personally arranged for the market maker to avoid seeking a buy in. This is difficult and requires contacts. I have been in the market, so to speak, for forty+ years.
I referred to the fact that when I spoke to TDw about the trade, they confirmed that in the morning they had rung a few MM's to see who would take the trade (i.e who could accomodate a 2.5mln buy order)....and that they then placed the trade at 3pm - that gave the Mm who sold the stock sufficient time to 'manufacture' the price upwards so that they received considerably more for the trade.
how did you guarantee that your (also naked) short was not closed?|
You do not define what you mean by manipulate in this context. The fact is that a declared short known to the market can get the runaround - to put it mildly. The cure is not to open a position where a problem can arise.
My trade was closed in October at 1.7p.
I still await an email back in reference to my claim of the price being manipulated in advance of the buy trade, but I am not holding my breath....|
Au contraire. My contacting the liquidators costs shareholders nothing since the distribution is fixed at 9.7p per 100 shares.
In fact, I am amazed that nobody at KPMG has contacted me to apologise for their idleness and stupidity.
|Every time you contact the liquidators, they are able to churn fees - I guess the e-mails you publisheed above and reading yours has cost the shareholders several hundred pounds.
That might irritate some also.:-)|
You raise an interesting point. If you sold short (having told TDW that you were going short) and failed to deliver on the due date, I think it could be argued that you would be within your rights to wait until the LSE buying in mechanism kicks in. This is a long time.
It follows that if TDW bought you in contrary to your wishes and prior to the suspension where you could very probably or certainly been short at the time of suspension you might well be entitled to damages.
I saw the bid of 2.5m at 0.1p on the last day or two and I wondered what that was about. Possibly yours?
KPMG have still not declared when they will pay out. That irritates me intensely.
I was a naked short too, but TDW forced my position closed as they said the stock was unborrowable and therefore they had to deliver the stock to the market & they wouldn't let me keep my position open.
As a result of this (and the spike upwards of the share price in the hours before my 2.5mln short was closed) I have been left out of pocket of £11k.
Typo - I was not forced because of the spike (margin call), but I have sent an email to the fsa claiming that the spike upwards was the result of the market becoming aware of my impending trade (TDW had apparently rang around a few Mm's in the morning to see who they could buy the 2.5mln shares from & confirmed with the registrars that I did not have a holding.....when my trade went thorugh around 3pm, it did so at the intraday high of 1.7p (no premium was paid to the then quoted price))|
|Dear Mr Shaw,
You are asserting irrelevant nonsense.
I only seek an approximate date (next week?) for when KPMG complete this matter which I estimate should take a few minutes. You do not have to wait to see what the creditors actually are since this is a pre-pack deal.
In any event how could I supply the name you seek such that you know it is myself?
Yours in efficiency,
Simon Cawkwell - 020 7835 0868 / 0367
From: "Shaw, Chris"
Cc: "Wilson, Lee"
Sent: Wednesday, 27 January, 2010 17:34:38
Subject: Jessops plc (in members' voluntary liquidation)
Dear Mr Cawkwell,
Lee Wilson and I are colleagues.
You will no doubt be aware that Jessops plc's shares are no longer listed and that the register is closed. All public reporting obligations have therefore lapsed but we are prepared to be helpful to actual shareholders. Unless you can verify the name in the register under which your 3,000,000 shares are held I am afraid that we will be unable to communicate with you on the subject further.
8 Salisbury Square
London EC4Y 8BB
Tel +44 (0) 20 7694 3187
Fax +44 (0) 20 7694 3533
Mob +44 (0) 78 1015 5607
This email has been sent from KPMG LLP, a UK limited liability partnership (which is a subsidiary of KPMG Europe LLP), from KPMG Europe LLP, from one of the companies within KPMG LLPs control (which include KPMG Audit Plc, KPMG United Kingdom Plc and KPMG UK Limited) or from KPMG Resource Centre Private Limited, together "KPMG". KPMG Europe LLP does not provide services to clients. None of KPMG Europe LLPs subsidiaries have any authority to obligate or bind KPMG Europe LLP. This email is confidential and may be legally privileged. It is intended solely for the addressee. Access to this email by anyone else is unauthorised. If you are not the addressee or an intended recipient or have not agreed with us the terms on which you are receiving this email any disclosure, copying, distribution or any action taken or omitted to be taken in reliance on the contents of this email or its attachments, is at your own risk, prohibited and may be unlawful,
and to the fullest extent permitted by law KPMG accepts no responsibility or liability to you. When addressed to our clients any opinions or advice contained in this email or its attachments are subject to the terms and conditions expressed in the governing KPMG client engagement letter. Anything in this email or its attachments which does not relate to KPMG's official business is neither given nor endorsed by KPMG.
KPMG Europe LLP, registered in England No 0C324045
Registered office: 8 Salisbury Square, London EC4Y 8BB
KPMG United Kingdom PLC, registered in England No 03513178
Registered office: 8 Salisbury Square, London EC4Y 8BB
KPMG UK Limited, registered in England No 3580549
Registered office: Aquis Court, 31 Fishpool Street, St Albans AL3 4RF
KPMG LLP, registered in England No 0C301540
Registered office: 8 Salisbury Square, London, EC4Y 8BB
KPMG Audit Plc, registered in England No
Registered office: 8 Salisbury Square, London EC4Y 8BB|
Here is the reply I have received from KPMG. Good God! How long does it take to open a bank account? One hour? Two hours? And KPMG get paid for this! Amazing.
Dear Mr Cawkwell,
Thank you for your recent e mail enquiry.
I advise that we are in the process of assessing the cheapest and most efficient method of getting the money to the large number of shareholders. In order to facilitate this we also need to set up a new liquidation bank account and to transfer the funds into the new account. This matter was unable to commence until we were formally appointed as liquidators.
I am at this time unable to give an exact timing of the payment to shareholders, however, as stated in the circular to shareholders this will be as soon as reasonably practicable.
Hope that helps, but please feel free to contact me should you have any further questions.
The liquidators of Jessops are a Mr Spratt and a Mr Orton of KPMG, 1 Snow Hill, Queensway, B'Ham B4 6GH.
The liquidation is a set up job leaving £100,000 for distribution virtually immediately. I would like to think that cheques will be in the post within a fortnight. Indeed, I challenge the liquidators to explain right now why it should be any longer.
(Sportbilly, I was a naked short.)|
|sportbilly, I didn't realise that you were forced to close because of the stock being unborrowable. I thought you were forced to close back in November because they spiked up.|
Please can you state who you were short with - to my knowledge these were not borrowable for soem time, indeed my short was forced close at a loss to myself?
|They do say 'for every 100 shares'|
|........no point wasting your time debating this folks - Jessops as a public listed company is dead - finished - kaput. Shareholders get next to zilch! Finito.|