Photo shop redevelops itself after bankruptcy

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Bankruptcy administrators and the family behind one of Norway’s largest retail photography chains, FotoKnudsen, reported new attempts at getting back to business following last week’s shutdown of FotoKnudsen stores. Operations were being taken over this week by a new Internet-based firm and customers with digital accounts were told their photos wouldn’t be lost.

Ole Bjørn Knudsen, former managing director of FotoKnudsen, told Norwegian Broadcasting (NRK) that he and his brothers were buying up FotoKnudsen’s bankrutpcy estate through the new firm, FotoKnudsen Web, along with Elite Foto.

“We have an agreement with the bankruptcy administrator,” Knudsen told NRK. “FotoKnudsen Web has bought up all (headquarters) operations in Fyllingsdalen (Bergen) … Elite Foto takes over operation of most of the stores.”

The brothers are injecting new capital in their bid to take over the remains of the 50-year-old family firm, which collapsed last week after heavy losses. The new FotoKnudsen will operate on a much smaller scale as a web-based photo service. The company’s 24 retail stores were being transformed into Elite Foto stores, were many FotoKnudsen’s more than 200 employees may be rehired.

newsinenglish.no staff