Two weeks after issuing its shock profits warning Jessops has refused to say whether its business review will involve job cuts and branch closures.

A spokesman told us that Jessops is not making any further comment beyond what has already been said in the statement.

As was widely reported, shares in Jessops fell more than 70% after the high street chain warned that it expects to report a half-year loss of £8.5m and not pay dividends to its shareholders for that period.

The gloomy news, confirmed via a statement on 28 March, blamed deteriorating market conditions – citing a 16.3% drop in digital compact camera sales (in value terms) for February, compared to the month before.

?These market declines have been driven mostly by significant falls in average selling prices in the UK, causing further pressure on sales and achieved margins,? the statement added.

Shares in Jessops plunged to a low of 12.5pence per share. Today they are valued at 24pence each.

Jessops chief executive Chris Langley is understood to be in the throes of a ?strategic review? of the business, to take into account ?changing market conditions?.

Established in 1935 Jessops runs more than 300 stores nationwide.

In 1996 – before the management buy-out – it operated just 70 shops.

It was floated on the London Stock Exchange in November 2004.

Jessops is currently searching for a replacement for non-executive chairman Gavin Simonds who announced plans to step down from the board.

Other changes include the resignation of the company?s commercial director Robin Whitbread.

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