Stuart's on Reid Street with a virtual monopoly in the camera business.

In a surprise announcement yesterday, Camera Store owner Mr. Crayton Greene and Stuart's Ltd. president Mr. Edward Rego, revealed they had signed an agreement for Stuart's to take over all of the Camera Store's product lines.

The agreement -- made after about a month of talks -- means product lines including Nikon, Minolta, Pentax, Konica, JVC and Fuji film will now be sold and distributed exclusively by Stuart's.

The Camera Store had been operating for about 60 years.

Neither side would reveal how much Stuart's paid.

The full impact of the deal, which comes after about a month of negotiations, was being explained to the staff of four at the Camera Store yesterday. They include a secretary/bookkeeper and three sales people. Mr. Greene, 64, who will retire after almost 40 years in business, said he will make redundancy payments to his employees.

"I will try to treat staff fairly within my financial means,'' he said.

Mr. Rego said he will accept applications from Camera Store staff.

"I need to evaluate how many more staff I need,'' he said. "I already have four sales people in the photographic department. I anticipated needing two more, but I need to evaluate the situation first. But, yes, I will accept applications.'' Neither principal would discuss the terms of the agreement, but it is believed that Mr. Greene will provide some consultancy services to Stuart's with respect to the products that the Camera Store has handled for a number of years.

Stuart's is also purchasing accounts receivables and Mr. Rego said: "Those who have had accounts with the Camera Store can expect the same level of service, as long as their credit is in good standing.'' Mr. Greene added: "Our major distributors are very happy that Stuart's on Reid Street will be taking on their products, as it will guarantee their continued success in Bermuda.'' The West Virginia-bron businessman said that he had no plans for the future use for the building, which his family owns, but wanted to retire to spend more time with family and attend to personal business, together with fishing and cruising through the Caribbean.

Reflecting on recent trends in the Island, Mr. Greene said: "Business is tough. Your client base is more diversified here. Bermudians are able to shop overseas, now.

"You're not able to stock everything they want, and that makes it tough to deal with. You can't bat 100 percent, no matter how hard you try.'' In a prepared statement, he said: "After some 40 years in the business, I have decided to retire and pass on our distributorships, and we are pleased to see that Stuart's on Reid Street will be representing those fine photographic products we have carried for so many years.

"We know that our customers will be treated well by Stuart's, who are very well known in the photographic and photo-finishing business.'' Mr. Rego said: " It was an unique opportunity to be the largest camera store in the Island. You are right, there are no other camera stores on the Island.

We anticipate trying to do the best we can to take care of our customers. They are the important element in our business.'' The changes for Stuart's will mean that the entire front half of the roughly 6,000 square feet store will be the photographic section, with electronics merchandise displayed on the remaining space.

Mr. Rego added: " We are especially excited about the distributorship of Fuji film in Bermuda. Fuji has made tremendous technological strides in the past few years and is quickly becoming recognised as a leader in the film and photo-finishing industry. This is especially true amongst many professional and advanced photographers who prefer Fuji film.'' RGCUT RETIRING -- Mr. Crayton Greene at the Camera Store, which will close on Monday.