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.