
Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comPartner
201-896-7095 jglucksman@sh-law.comIn 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.”
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
If you’re considering closing your business, it’s crucial to understand that simply shutting your doors does not end your legal obligations. Unless you formally dissolve your business, it continues to exist in the eyes of the law—leaving you exposed to ongoing liabilities such as taxes, compliance violations, and potential lawsuits. Dissolving a business can seem […]
Author: Christopher D. Warren
Contrary to what many people think, corporate restructuring isn’t all doom and gloom. Revamping a company’s organizational structure, corporate hierarchy, or operations procedures can help keep your business competitive. This is particularly true during challenging times. Corporate restructuring plays a critical role in modern business strategy. It helps companies adapt quickly to market changes. Following […]
Author: Dan Brecher
Cryptocurrency intimidates most people. The reason is straightforward. People fear what they do not understand. When confusion sets in, the common reaction is either to ignore the subject entirely or to mistrust it. For years, that is exactly how most of the public and even many in law enforcement treated cryptocurrency. However, such apprehension changed […]
Author: Bryce S. Robins
Using chattel paper to obtain a security interest in personal property is a powerful tool. It can ensure lenders have a legal claim on collateral ranging from inventory to intellectual property. To reduce risk and protect your legal rights, businesses and lenders should understand the legal framework. This framework governs the creation, sale, and enforcement […]
Author: Dan Brecher
For years, digital assets operated in a legal gray area, a frontier where innovation outpaced the reach of regulators and law enforcement. In this early “Wild West” phase of finance, crypto startups thrived under minimal oversight. That era, however, is coming to an end. The importance of crypto compliance has become paramount as cryptocurrency has […]
Author: Bryce S. Robins
Earlier this month, the U.S. Supreme Court issued a decision in Ames v. Ohio Department of Youth Services vitiating the so-called “background circumstances” test required by half of federal circuit courts.1 The background circumstances test required majority group plaintiffs pleading discrimination under Title VII of the Civil Rights Act to meet a heightened pleading standard […]
Author: Matthew F. Mimnaugh
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
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.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!