Photographic retailer Jessops has announced it is to close 81 stores, with the loss of 550 jobs.

The future of the Leicestershire based company had been surrounded by much speculation since posting two profit warnings earlier in the year. In April, pre-tax losses of £25.2 million for the six months leading up to April 1st were announced, resulting in the appointment of David Adams as executive chairman.

Speaking in a press statement, Adams said: ‘Since I joined as Chairman at the beginning of May I have been delighted with the progress that has been made by Chris Langley and his team in developing our strategy for the future. The strategy allows us to re-position Jessops as a true multi-channel retailer, building on our core strengths in the digital imaging market place.’ He went on to state that a finance deal had been agreed with their bankers, HSBC, and thanked colleagues and suppliers for ‘their support during these difficult past months’.

For more information visit www.jessops.com/corporate/