Thursday, May 1, 2014
I've been reporting on Calumet Photographic's bankruptcy for some time now.
On March 12th Calumet Photographic, the US based photography store chain filed for Chapter 7 Bankruptcy and closed all their US locations. The Calumet stores in the United Kingdom, and elsewhere in Europe, being financially separate entities from the US company, were unaffected by the US bankruptcy.
Many US Calumet customers, caught by surprise by the bankruptcy, were holding photography gear rented from the company, unable to return it, prepaid orders, and store credits, gift cards, etc.
As per court papers filed April 7, 2014 in Calumet’s bankruptcy case, a new company, CalPhotoUS LLC formed by former owners of Calumet Photographic, has offered $2,825,000 to acquire some, but not all inventory, store leases and other assets.
Currently it appears as though only the former Calumet stores in Oak Brook, Illinois, Chicago (Goose Island), Illinois (Bliss Street and Cherry Street), Philadelphia, Pennsylvania, San Francisco, California and Washington, DC. are part of the acquisition. The Cambridge, Massachusetts store, previously thought to be a potential part of the deal, has now apparently been struck off it. The Cambridge store, along with the other Calumet stores, not listed in the acquisition proposal motion to the court, have been liquidating their inventory for the past couple of weeks. That liquidation is still continuing.
April 29 was the earliest hearing date at which time the CalPhoto acquisition proposal could be decided by the bankruptcy court. That date has come and gone.
Today, in a review of the court calendar of Judge Eugene R. Wedoff, of the United States Bankruptcy Court for the Northern District of Illinois, who is hearing the Calumet Photographic bankruptcy case, I found that, at this time, the next scheduled hearing date for Calumet isn't until Tuesday, May 13, 2014 at 10am.
According to the motions list, it doesn't appear that Judge Wedoff will be deciding anything about the proposed acquisition at that time. Other motions concerning the Calumet bankruptcy are scheduled to be heard at that time.