Workers At St. Louis Portrait Studios Told Operations Shutting Down

Employees of troubled portrait studio operator CPI Corp. say there were notified last night that the St. Louis-based company is shutting down its U.S. operations this week.

The company, which operates about 2,700 portrait studios inside of Sears and Walmart, has been struggling to stay afloat after defaulting with its lenders. It’s on its fourth forbearance agreement with lenders, which expires on Saturday.

In a letter being circulated among employees, Jim Abel, the company’s CEO, says the “decline of our business proved too great an obstacle to overcome.”

Read more in the St. Louis Post-Dispatch

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