According to a couple of postings that I have read their operations in Canada will continue for the time being. This appears to be nothing more than a bankruptcy based on poor management. Just because this company has closed down the operations doesn't mean that they will not lease that space to someone else to provide the same services. I can see how retailers like these types of operations. There is little risk to the retailer, they get rental revenue from the space and most importantly it gets people into the retailers store where they hope they will spend money on things other than photography services.
Our Wal-Mart portrait studio is now a pretzel shop. Or a salon. I forget which hole in the wall they used to have. I'm actually a little saddened by this. I don't know where to tell annoying cheap people to go anymore.