EMCC European Monitoring Centre on Change

Photo Hall

Company/Organisation:
Photo Hall

Geographic Location

Country: Belgium

Company

Sector: Retail
Wholesale and retail trade; repair of motor vehicles and motorcycles
47.43 - Retail sale of audio and video equipment in specialised stores
Number Employed: 350
Group: Spector Photo Group

Employment Effects

Announcement Date: 26-10-2012
Planned Job Reductions min: 350
Planned Job Reductions max: 350
Type of Restructuring: Closure
Employment Effect Start: 31-12-2012
Foreseen End Date: 01-01-2013
Direct Dismissals: 350

Additional Information

Photo Hall, a multimedia retailer, member of Spector Photo Group announced its intention to close its 83 shops in Belgium which will result in 350 job losses.

The management issued a declaration of bankruptcy to public authorities. According to the unions, "this is a social drama and a big waste". The unions and the management have reached an agreement regarding overdue wages and they are negotiating compensation. The management has reported that the company lost more than 1,2€ million last year, and the figures for 2012 are also negative.

At the moment, there are on-going negotiations with potential buyers, but according to statements it does not look very promising for the majority of employees. The stores will close mid-November and a decision for the liquidation of the company has to be reached by the 9th.