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Photo chain Calumet files for Chapter 7 bankruptcy

Arizona residents may be interested to know that photography retailer chain Calumet Photographic is closing its U.S. stores. The company has filed for Chapter 7 bankruptcy, but plans to keep its stores in Europe open.

The first public statement of the store closings came on March 13 on the company's Facebook page. The post was met with shock and anger from many people. Some posts indicated that employees were not told of the closings and only found out when they reported to work and found the store closed. There were also concerns expressed about customers who have photographic equipment in stores for repairs and how they are to retrieve their items. In addition, some customers have rental equipment in their possession that belongs to the company. Later in the day, Calmumet made a follow-up post that indicated that they may try to reopen some U.S. stores. By the afternoon of the same day, the Facebook page and the company's website were reported to be offline.

The Chicago-based company has assets in the $50 million to 100 million range, according to the bankruptcy filing, with liabilities ranging from $10 million to $50 million. The company has been in business for 75 years.

Businesses can file for different types of bankruptcy. In this case the company is filing for Chapter 7, which generally results in a liquidation of the company's assets. In a Chapter 11 bankruptcy, a company attempts to reorganize its debt while remaining in business. There are different requirements and rules for each form that an attorney with experience in bankruptcy law may be able to outline.

Source: Chicagoist, "Calumet Photographic Abruptly Closes All U.S. Stores, Files Chapter 7," Lisa White, March 13, 2014

Source: ABC News, "Popular Chain Calumet Photo Files for Bankruptcy", March 13, 2014

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