Norwegian Photo Chain Foto.No Reports Bankruptcy After 37 Years Of Trading

The future of Norwegian camera chain Foto.no is looking far from clear after reports the company is bankrupt with considerable debts and stores closed with the shutters down.

Norwegian business newspaper E24 is reporting that the chain of stores, which has been around since 1987 and also offers products via an online platform, is in debt to the tune of NOK75 million (nearly $7 million).

E24 also reports that photographers turning up to stores in Oslo and Bergen have been greeted with locked doors and the shutters down, although it’s unclear if there is a way forward for the company to carry on trading.

At the time of writing the Foto.no website was still live and selling products with a number of Cyber Monday deals up for grabs — traditionally a busy trading period for camera stores with many photographers looking to buy new equipment in the run up to Christmas and the New Year.

Coverage suggests that Foto.no also runs the specialist Leica store in the Norwegian capital of Oslo – with the store’s address and contact number listed on the official Leica website – and that the company’s CEO commented the bankruptcy was due in part to higher operating costs and lower margins.

Additionally, a lawyer spoke of the store’s troubles to E24, mentioning the company was already implementing “cost-saving measures” and that the company “has struggled with weak profitability over time due to competition”. However, additional quotes point to cause for hope with reports that parties are working together to try and get the business up and running again, although there is no news on how many of the company’s employees (reported to be around 60) will be affected by the store’s current position.

Trading for physical camera store chains has been increasingly difficult in recent years, not only from competition via online-only platforms, but also due to the recovery from COVID-19 pandemic fallout that saw names such as Dury’s call it a day.

No additional information about the bankruptcy or store closure reports has been published on Foto.No’s website, which offers everything from cameras and lenses to lighting, bags and used camera equipment, or on the company’s social media pages, including Instagram and Facebook.