PricewaterhouseCoopers started the search for a buyer for Jessops after it was appointed administrator for the struggling business on Wednesday (January 9).
But PWC said that it has been unsuccessful in the search, and also could not reach agreement with Jessops' suppliers or majority shareholder HSBC. It has therefore taken the "difficult decision" to shut down all 187 Jessops branches at close of business today.
Rob Hunt, joint administrator and partner of PwC, said that the move would result in 1,370 job losses at Jessops, with further positions expected to go at the firm's head office in Leicester "in due course".
"Since my appointment, we have reviewed the position of the business and held extensive discussions with suppliers around their support for ongoing trading," he said.
"It is apparent that we cannot continue to trade and as a result we have had to make the difficult decision to begin the closure of all 187 Jessops stores at the close of business today.
"Regrettably, this will result in around 1,370 job losses across the stores with further job losses likely, in due course, at the head office in Leicester."
Hunt said that the remaining Jessops stock would be collected over the coming days, taken to a warehouse and returned to suppliers "if they are entitled to it".
But as a consequence of the closure, Jessops will no longer be able to accept returned products from customers.
"This is an extremely sad day for Jessops and its employees," Hunt said. "We are very grateful for the support we have received since our appointment and we will continue to ensure that employees are paid as they assist us during the closure."