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
Company Dissolved? Legal and Financial Consequences to Expect
A company is dissolved; legally, it ceases to exist. Accordingly, dissolution results in significant legal and financial consequences. It is a process that must be properly managed to avoid continuing liability. The Corporate Dissolution Process Corporate dissolution is the legal process of formally closing a corporation, paying its debts and distributing the remaining assets. Most […]
Author: Jay McDaniel
The Legal Implications of Signing a Triple Net Lease
A triple net lease is a commercial lease in which the tenant pays the property’s real estate taxes, insurance, and maintenance costs, known as the three nets, in addition to base rent. They are most often used in freestanding retail and office buildings and in large single-tenant industrial properties, with terms that typically run 10 […]
Author: Donald M. Pepe
When to Settle and When to Fight: A Litigator's Framework
Every lawsuit comes with a cost, and knowing when to settle a lawsuit is one of the most consequential decisions a business owner will face. Experienced litigators understand how to minimize cost and obtain certainty for their clients. For many business owners, the decision is viewed almost entirely through a financial lens: What will it cost […]
Author: Sean M. Pena
A Whistleblower Just Filed a Complaint Against Your Company: Here's What to Do Now
Few situations create more uncertainty than learning that an employee has filed a whistleblower complaint. Questions arise immediately: Is the allegation legitimate? Should the employee be placed on leave? Do we need to notify our insurance carrier? Are we now prevented from disciplining the employee if there are unrelated ongoing work related issues? There is […]
Author: Sean M. Pena
Assignment for the Benefit of Creditors: An Alternative to Bankruptcy for Distressed Businesses
When a business reaches the point where it can no longer service its debts or otherwise resolve its liabilities, management is often faced with a difficult question: is a bankruptcy filing necessary or is there another way to perform an orderly liquidation or sale of the business assets? While Chapters 7 and 11 of the […]
Author: John D. Giampolo
Breaking Down New Jersey’s “Mansion” Tax: What Buyers and Sellers Need to Know
For many years, the New Jersey Mansion Tax has been a significant consideration in high-value real estate transactions. Recent legislative changes, however, have substantially altered how the tax operates, including who is responsible for paying it and the amount owed in certain transactions. Whether you are purchasing, selling, or investing in New Jersey real estate, […]
Author: George McGowan
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.