Jessops warned investors that its shares could soon be worthless as the camera retailer looked to secure its survival through a debt restructuring plan.

The company, which has 211 stores in the UK and Ireland, said that it was in talks with HSBC to restructure a £60m debt facility, as sales continued to decline.

Even before the financial crisis hit the British high street, Jessops had struggled to sustain profits as camera prices fell and its shoppers increasingly defected to cheaper online retailers or used their mobile phones to take photos.

Financial Times