A longstanding photography retail chain with roots in Chicago filed for Chapter 7 bankruptcy Wednesday with plans to close all of its U.S. stores.
Calumet Photographic Inc., which the Chicago Tribune said opened in 1939, announced its bankruptcy liquidation on Facebook “with a heavy heart.” While the chain plans to close its 14 U.S. locations, it said it would keep its European stores open.
In Chapter 7, a bankruptcy court appoints a trustee to oversee a company’s sale of its assets. The proceeds are used to pay its creditors.
Calumet isn’t the first photography chain to turn to bankruptcy as consumers increasingly rely upon digital and mobile cameras. Major chain Ritz Camera & Image LLC sought Chapter 11 protection in 2009, where members of the founding family purchased the chain and vowed to revive it. But in 2012, the company was back in bankruptcy and forced to liquidate after failing to find a buyer to continue operating its stores.
In Calumet’s bankruptcy petition, filed with the U.S. Bankruptcy Court in Chicago, the company reported assets of $50 million to $100 million and debts in the range of $10 million to $50 million.
Calument hired the Chicago law firm Neal, Gerber & Eisenberg LLP to file its bankruptcy case, court papers show.
Write to Jacqueline Palank at jacqueline.palank@wsj.com. Follow her on Twitter at @PalankJ.
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