Seven stores of Cecil Jacobs Ltd (trading as Jacobs Cameras) have been confirmed today by administrators at PKF Accountants.
The Leicestershire-based company which was placed into administration at the start of June will witness store closures in Birmingham, London, Derby, Hull, Kingston-Upon-Thames, Liverpool and Sheffield.
Some 46 staff have been told they will be made redundant as a result of the store closures deemed necessary by insolvency practitioners at PKF.
Eddie Kerr, partner at PKF Accountants & Business Advisers, said it was a difficult decision to close the stores as a result of a comprehensive review of the retail group.
He explained: “These measures are painful for everyone involved but they are essential if we are to have a reasonable prospect of finding a buyer for the business as a going concern, although we recognise there are likely to be more challenges ahead.
“We have already had a number of expressions of interest from potential acquirers and are in a position to begin negotiations.”