KNOXVILLE, Tenn. (WVLT) -- Knoxville-based ImagePoint Inc. is shutting down, and 450 people are out of a job, according to a release from ImagePoint. The layoffs affect 270 people in Knoxville and another 180 in Florence, Ky., according to the release.

ImagePoint CEO Jim Martin says the plummeting economy has taken a major toll on ImagePoint clients in key sectors.

“The automotive and restaurant businesses are facing serious challenges,” Martin says. “And these industries represent a major part of ImagePoint’s business.”

The company hopes to sell strategic parts of the business to its competitors or other investors.

"The shutdown will begin immediately and will include termination of the company’s 450 employees," the release states. "Some employees will remain for a few weeks to complete sign installations already underway, handle any transition of business units to new owners and liquidate any remaining assets. "