TELUS $43.67 (Toronto symbol T; Shares outstanding: 60750 million; Market cap: $26.6 billion; TSINetwork Rating: Above Average; Dividend yield: 3.9%; www.telus.com) is closing its remaining 59 Black’s photography stores.
Telus paid $28 million for the 113-store Black’s chain in 2009. It felt these outlets would help it sell more mobile phones and service plans. However, digital camera sales have suffered as more people take pictures with their smartphones.
The company will transfer many Black’s employees to its other retail outlets, so any severance costs will be low.
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