Vancouver-based Black’s Photo shuts down all 59 of its retail stores
posted Tuesday, June 9, 2015 at 4:42 PM EDT
Bloomberg Business has reported that Telus, Canada’s second-largest wireless provider, is closing all 59 of its Black’s Photography stores on August 8th, 2015, citing lack of profit as the deciding factor.
Telus originally acquired 113 Blacks photography retail stores back in 2009 for $23 million. Upon acquisition, Telus immediately shut down half of the store to focus on quality over quantity. It proved futile though, Telus has since tried multiple times to sell off the remaining stores, but to no avail.
In an email statement to Bloomberg, Black’s PR stated, ‘technological innovations have changed the way Canadians take and share photographs, with fewer of us using retail photo outlets.’
According to Bloomberg, 485 employees of the 59 stores will be be presented with the opportunity to move elsewhere in Telus’ business or end their connections with the company.