Photo Hall shops in Hungary did not open on Friday and managers have been told to keep their doors shut and start packing, internet portal Index.hu said on Friday.
Photo Hall has some 150 shops, of which about a hundred are franchises. Owner Főfotó had a HUF 265 million loss in 2009, albeit an improvement over a HUF 509 million loss in 2008, public records show. Net sales revenue fell to HUF 4.36 billion in 2009 from HUF 6.33 billion in 2008.
Staff at shops have not been paid wages from April, Index.hu learnt.
Főfotó is owned by six Hungarian private individuals. One of them, Miklós Biernaczky, told Index.hu he resigned from his post as managing director of the company effective May 4 and declined further comment.