UK photo specialist chain Jessops has brought in PwC as administrator and shut all its 187 stores.
So far around 1400 jobs have been shed, with more to come out of the Leicester head office.
PwC said that the decision to shut the business rather than trade on came after it became clear leading suppliers such as Canon and Nikon would not support ongoing trading. The final straw for suppliers was apparently poor Christmas sales.
Stock is being returned to suppliers and with the business now closed, Jessops is not accepting returned product from customers, and gift vouchers are worthless.
In 2009, Jessops managed to avoid administration by agreeing a debt-for-equity swap with its lender, HSBC, that saw it taken off the stock market.
A report on UK website Amateur Photography stated that Jessops owed HSBC £30 million when it collapsed on January 9.
Canon UK issued a statement on the closure of the business: ‘Canon is disappointed to hear the news regarding Jessops, having had a strong relationship with the company for many years, and particularly following our efforts to support them during recent difficult trading conditions.
‘Canon remained willing to support, in a reasonable way, the continuation of the business.’
Perhaps the most alarming financial figure in this story is that Jessops turnover in the 2012 calendar year was £236m, which averages out at around £1.25 million per store, yet it was unable to turn a profit.
The camera chain was founded in Leicester in 1935 by Frank Jessop.