PCA layoffs expose another negative.

• Position: CHARLOTTE

Matthews-based Portrait Corporation of America, which operates photography studios in Wal-Mart stores, closed 500 of its worst-performing--including 12 in North Carolina--leaving it with about 2,000. It also let go 1,200 of its 7,500 employees--150 in Matthews. Studios in Wal-Mart stores accounted for 97% of its sales in 2005...