PKF ADMINISTRATORS have made 87 staff redundant and closed all but one store at collapsed camera retailer Cecil Jacobs.
Eddie Kerr and Jim Stewart-Koster from PKF were appointed joint administrators to the UK’s largest independent camera retailer on 1 June.
The latest news brings the total number of redundancies at Jacobs to about 133. The Leicester branch is the only store to remain open out of the 19 in the company’s portfolio, prior to its collapse.
The administrators will retain 25 staff to work in the head office and the Leicester store.
Kerr (pictured), a partner at PKF, said: “This is a terribly sad situation to see a long-established family run business close down. Unfortunately this is an increasingly frequent situation, particularly in the retail sector, where trading conditions have never been tougher.
“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.”
Cecil Jacobs was established in 1939 and was always a family-owned Leicester-based business.
Insolvency and business recovery firm Gibson Hewitt has recruited a new manager from one of the UK’s top four accountancy practices
The director of a company set up to market a fuel-saving device has been disqualified for failing to maintain and preserve proper records
Cowgill Holloway Business Recovery has concluded the sale of assets of film distributor Metrodome to independent movie distributor 101 Films following appointment as administrators
PwC must face $1bn lawsuit over claims it provided bad accounting advice which contributed to the 2011 collapse of MF Global