In a largely unexpected turn of events, the 75 year old photography stalwart Calumet Photographic has ceased trading in the US. With no prior notice to staff, a defunct website, a closed Twitter account, and only a Facebook announcement to go on, what do we know about Calumet US' shut-down?
- All 14 stores across the US have not opened on Thursday 13 March.
- The company filed for Chapter 7 bankruptcy, which enables company liquidation, on Wednesday 12 March. This usually follows a failed attempt at re-organisation after Chapter 11 bankruptcy.
- According to papers filed with the courts, Calumet listed only $50,000 assets against liabilities estimated to be in excess of $1,000,000. It has 585 debtors.
- Calumet stores in Europe will continue to trade - although they share the same name, they are separate business entities
According to comments left beneath the Facebook announcement, staff were only informed of the loss of their jobs when they arrived for work this morning. The situation doesn't look good for them, and neither does it look good for any customers with products on order or any kind of credit with the company.