No Need to Smile for the Camera – Photography Chain Files Chapter 7 Bankruptcy

Written by CFB Blogger. Posted in Blog

Calumet Photographic Inc., a long-time photography retail chain with roots in Chicago, has recently filed for Chapter 7 bankruptcy. Although their studios across the United States will close, the company has announced that it plans to keep its European sites operational. According to an article in the Wall Street Journal by Jacqueline Palank, Calumet’s bankruptcy petition, filed with the U.S. Bankruptcy Court in Chicago, listed assets of $50 million to $100 million and debts in the range of $10 million to $50 million. The photography studio, which the Chicago Tribune said opened in 1939, announced its bankruptcy on Facebook “with a heavy heart.” The WSJ article also reported that another major camera/photography chain, Ritz Camera & Image LLC, filed Chapter 11 bankruptcy in 2009. Although Ritz family members purchased the chain, hoping to revive it, the company filed Chapter 7 bankruptcy in 2012, when it was forced to liquidate assets when attempts in finding a new owner never came to fruition. Inevitably, reliance on digital photography and a struggling economy wreaked havoc on at least two stalwarts of the industry. Just a note: When taking your own digital photographs, be sure to back up your files! The Client First Bankruptcy attorneys are an unsurpassed staff of the most knowledgeable consumer bankruptcy attorneys in the country, thousands of new clients each year in consumer bankruptcy matters. Client First Bankruptcy attorneys are current on all of the new Chapter 7 and Chapter 13 bankruptcy laws. Client First Bankruptcy attorneys answer their phones Monday-Friday from 8:30 a.m.-6:00 p.m. (Central Time) so you can get your initial complimentary consultation at a time that is most convenient for you. Our aggressive representation and extensive experience have earned the Client First Bankruptcy attorneys a national reputation for excellence in the representation of debtors in financial distress. Call us toll-free at 800-383-6004 and log onto our interactive website at www.clientfirstbankruptcy.com. Call us today & sleep better tonight.