CPI studios inside Walmart, Sears closes
A financially troubled St. Louis-based company is abruptly shuttering its more than 2,000 portrait studios that are found nationwide in locations such as Walmart and Sears stores.
CPI Corp. said in a two-paragraph statement on its website that it's saddened by the announcement and that it is trying to fulfill as many customer orders as possible. It urges customers with questions to contact their local store.
The Associated Press left messages with CPI seeking comment early Friday.
CPI has struggled in recent years as the popularity of digital photography cut into its sales.
The company last month announced in a federal securities filing that it has received a fourth forbearance agreement from its lenders, and that it had until Saturday to meet its loan obligations.
"After many years of providing family portrait photography, we are sad to announce that all of our U.S. portrait studios are now closed. We appreciate your patronage and allowing us to capture your precious memories," CPI wrote on its website. "We are attempting to fulfill as many customer orders as possible. If you’ve had a recent session, your portraits may be available at your Sears, PictureMe or Kiddie Kandids portrait studio. For assistance, please contact the customer service department at your local store."
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