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h3>High street stores facing closure - 27/10/2008
It is rumoured that Jessop's photographic stores are beginning to feel the pinch during this credit crunch and have just recently extended their credit facilities with the HSBC by another three years to ease their issues of cash flow. It is well documented that other high street stores have been affected across different industries also.
Music zone recently went into administration, and MFI the furniture store brand has just escaped bankruptcy because of a management buy out.
The store chain has reduced the staffing by approximately two thirds and turnover has dropped and unless revenue increases, the chain could face administration, or worse.
Although the store remains optimistic, it is believed that there may be further cut backs in order to reduce deficits.
