Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comKey Contacts
Back
In a last-minute announcement, Chicago-based Calumet Photographic announced that it was filing for protection under Chapter 7 of the bankruptcy law on March 12, according to The Wall Street Journal. The chain announced its plan to liquidate “with a heavy heart” on Facebook, saying that it would be closing all of its U.S. locations, though it will still be operating in Europe.
According to the news source, Calumet Photographic is just one of the several photography chains that have announced bankruptcy filings in recent years. Ritz Camera, for example, filed for Chapter 11 bankruptcy in 2009. After the filing, Ritz was bought by members of the founding family, who had plans to revive it, but in 2012 the company was forced to liquidate when it declared bankruptcy again.
In court papers filed with the U.S. Bankruptcy Court in Chicago, there are two, separate bankruptcies: Calumet Photographic, Inc., and the company’s website, Calumetphoto.com, LLC filed separately. While Calumet Photographic, Inc. listed between $50 million to $100 million in assets and only $10 million to $50 million in liabilities, Calumetphoto.com, LLC listed another $10 million to $50 million in liabilities and less than $50,000 in assets.
The main company Calumet also seems to have waited until the last possible moment to announce its closure, according to PetaPixel. A former employee of the company told the news source about just how late the internal notice went around.
“According to my coworker, management was notified of this decision late last night, and told not to open for work the next day,” the former employee said. “My friend is still waiting to hear when/if he will be allowed to go back to the store and collect some personal belongings left on his desk.”
- Practices: Corporate Transactions & Business, Bankruptcy & Creditors' Rights, Bankruptcy Litigation
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Important Changes to New Jersey’s Controlling Interest Transfer Tax
New Jersey recently made changes to what is known as the Mansion Tax. New Jersey imposes an additional tax on the transfer of certain types of real estate when the sales price exceeds $1 million. Until recently, that tax was 1%. Under new legislation, that tax is now between 1% and 3.5%, depending on the […]
Author: Scott H. Novak
Data Confirms Relaxing Land Use Restrictions Drives Down Housing Costs
Relaxing land use restrictions benefits real estate developers, renters, and homebuyers, according to several recent studies. Although concerns exist that building more housing could do more harm than good when it comes to affordability, the data confirms that the principle of supply and demand also applies to the housing industry. Boosting supply is essential to […]
Author: Donald M. Pepe
Are Big Changes Coming for Federal Hemp Regulation?
The U.S. House of Representatives and Senate Committees on Appropriations have approved FY2026 Agriculture appropriations bills (H.R. 4121 and S. 2256) that would dramatically impact dramatically impact federal hemp regulation by redefining the statutory definition of hemp. The proposed changes would effectively redefine legal hemp cannabinoid products. They would include only those that are naturally […]
Author: Daniel T. McKillop
New Bid Thresholds for New Jersey Public Entities Now in Effect
New bid thresholds for various New Jersey public entities took effect on July 1, 2025. Contracting Units are advised to review their procurement policies and implementing ordinances or resolutions to determine if any changes are necessary. Corporate governance principles can help public entities establish proper oversight and compliance procedures for procurement activities. Adjustments to New […]
Author: David L. Blank
New Jersey’s NEW Mansion Tax
States have a problem. As costs and expenses rise, they must find new ways to raise revenue that is politically palatable that the taxpayers can live with. What is a state like New Jersey to do when it is staring at a $1.2 billion budget deficit? It already has exceedingly high property taxes. The sales […]
Author: Scott H. Novak
Beware of Scammers - Don’t Fall for These Trademark Scams
Many trademark scammers send official looking letters or emails urging immediate action to pressure you to pay them money for your trademark or “additional” services you do not require. If you ever receive a notice asking for payment as to your trademark from any such company, DO NOT PAY IT. To all our clients, we […]
Author: Ronald S. Bienstock
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.