Local Camera Shop Files for Bankruptcy

The dramatic decline in sales performance during the holiday period caused local photography chain, Penn Camera Exchange, to close five of its eight stores in the D.C. area. The company announced earlier this month that it filled for Chapter 11 bankruptcy and immediately closed shops in Springfield, Laurel, Fairfax, Pikes­ville and 18th Street NW. The remaining stores — Tysons Corner, Rockville and E Street NW — are currently holding clearance sales. The family-owned business sold cameras and accessories and made repairs. But the photography chain isn't the only one closing doors after hard times. In early January, the owners of local record store, Melody Record Shop, said on their website that "technology, the Internet and the economy has taken its toll," and after 34 years announced its closing.