Photographic retailer Jessops plans to close 81 of its stores and shed up to 550 staff.
The UK-based company said the stores will be closed by September 30th, 2007. Of these, 47 stores overlap too closely with nearby stores, 31 are loss-making, and three are subject to redevelopment, the company said.
"Having two stores in a town that doesn't warrant it doesn't make sense for us. After the closures it will leave us with 234 profitable, cash generative stores, evenly spread around the UK," Jessops chief executive Chris Langley said.