New Report Finds Jessops Owed £115m to Creditors Before Collapse

From Amateur Photographer:

Jessops’ unsecured creditors, who include customers and suppliers, were owed around £115m – more than twice the amount feared when the chain collapsed under former owners a year ago, it has emerged.

The total value of unsecured creditor claims has risen to £114.8m - 135% higher than originally estimated, according to a new report by administrator PricewaterhouseCoopers (PwC).

PwC had estimated the figure to be less than £50m when the chain collapsed in January 2013, closing its 187 stores and shedding 1,500 staff.

The administrator says unsecured creditors are not likely to receive more than 0.2% of what they were owed.

Read the rest of the article at Amateur Photographer.