Hungarian electronics retailer Photo Hall is undergoing voluntary liquidation, one of the company's managers said in an interview published on business news website fn.hu on Thursday.
A lack of demand, competition from hypermarkets and the spread of online sales forced Photo Hall to close its shops very unexpectedly, Gábor Pozsonyi told fn.hu.
Photo Hall shops in Hungary shut their doors on May 6.
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 509m loss in 2008, public records show. Net sales revenue fell to HUF 4.36 billion in 2009 from HUF 6.33 billion in 2008.