36 Store Photo Chain Placed Into Administration
The 36 outlets in Victoria, New South Wales, Queensland, South Australia and Tasmania which operate out of kiosks in Kmart, Target and Myer stores will be shut immediatly with more thaqn 300 people set to lose their jobs.
The company has been operating since 1971 and specialises in child and family photography, among their supplier partners are Olympus and Kodak.
Administrator John Morgan says a preliminary review of the operation suggests that falling sales and the wide acceptance of smartphones with digital cameras has impacted the company’s ability to operate a profitable business.
Morgan said that all of the stores will close immediatly and that he is in discussions to sell a related photography school to another retailer.
Morgan says he will put in place “steps to maximise the value of the company’s assets for the benefit of stakeholders.”