Thursday, March 13, 2014

Calumet Photo shutters, files for bankruptcy

Customers beware.

Per Crain's Chicago Business:

By  March 13, 2014

Chicago-based Calumet Photographic Inc. filed for bankruptcy yesterday and abruptly closed.
But the 75-year-old retailer, on its Facebook page,seemed to be holding out hope of a resurrection: "Stay tuned, as we are exploring opportunities to reopen select locations to keep serving our customers. We will post any updates here if there are any."
A Calumet Photographic employee, in an email to Crain's, said workers learned about the closing only when they showed up for work today.
In a statement, the company said it had no alternative but to file for bankruptcy after an unnamed lender chose not to finance a turnaround effort. "Management has been working tirelessly over the past several months to restructure the business in an effort to maintain fiscal viability and secure employment for as much staff as possible," the statement said.
In a voluntary filing Tuesday in U.S. Bankruptcy Court here, the company headquartered at 900 W. Bliss St. listed assets of between $50 million and $100 million and liabilities of between $10 million and $50 million. The number of creditors was put at between 200 and 999.
Attorney Mark Berkoff of Neal Gerber & Eisenberg LLP, representing Calumet Photographic, declined to comment.
Just two months ago, the firm appointed a new president of U.S. operations, Gabriel Garcia, who had been vice president of operations for 15 months, according to a statement at the time.
In the bankruptcy filing, however, Mr. Garcia was listed as president and CEO.
On Facebook, the company said its European stores will remain open. A company statement from September said Calumet had 31 stores in the U.S. and Europe.
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