TORONTO, June 9 (Reuters) - Canadian telecom company Telus Corp will close all its Blacks photo retail stores across Canada by early August, saying the chain, founded in the 1930s, has struggled as technology has changed the way customers take and share photographs.
Telus, one of the country’s three biggest telecom companies, said on Tuesday it will close the 59 stores, most of which are in Ontario, by Aug. 8.
“We have been unable to realize profitable growth and it would take considerable investment to adapt Blacks to ongoing change,” Telus spokesman Shawn Hall said in a statement.
About 485 workers will be affected by the closures, but Telus said it will offer them positions elsewhere in the company or transition packages.
Telus bought the privately held camera and photo services retailer in 2009 for about C$28 million ($22.71 million), when it was a 113-store chain. That deal followed rival telecom BCE Inc’s acquisition of electronics chain The Source earlier in 2009.
$1=$1.23 Canadian Reporting by Solarina Ho; Editing by Peter Galloway