Just a few weeks after Olan Mills threatened to shut their doors, both Sears Portrait Studio, and Walmart brand PictureMe Portrait have announced that they're closing their doors permanently. Both stating that because of the digital age and smartphone photography, they're no longer able to maintain profits in the industry.
Reports from the St Louis Dispatch show that CPI Corp., which operates both the Sears and Walmart studios is shutting down after defaulting on its lenders. Sears Portrait Studio and the PictureMe Portrait Studio have posted the following statements on their website --
“After many years of providing family portrait photography, we are sad to announce our Sears Portrait Studios [PictureMe Portrait Studios] are now closed. We appreciate your patronage and allowing us to capture your precious memories. If you currently have an album or have had a recent portrait session, you can order products at searsphotos.com [myonlineportraits.com] thru April 18, 2013.”
So does this bode concern for the typical professional photographer, or is it just another case of competition failing for not adjusting to modern technologies?