UK: Firm reaches deal to protect 2 000 jobs

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Jessops, a camera retailer in the UK, has agreed to a restructuring plan with its biggest creditor bank, HSBC, which will see it have £34m of debt written off in exchange for HSBC taking control of 47% of the company. In the last two years, the company has reduced its head office staff from 375 to 125 as a result of the economic crisis. A spokesman said that the deal should safeguard the jobs of its remaining 2 000 employees.

Source: BBC.co.uk

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