Posts Tagged ‘Chapter 11’

Creative Memories and Chapter 11

Maybe you never thought those two things would be in the same sentence! But, yes, you can read about HERE, HERE, and HERE. I’ll copy one of the shorter articles so you get the gist of it:

“Creative Memories parent company files for bankruptcy protection
BY BRITT JOHNSEN • BLJOHNSEN@STCLOUDTIMES.COM • NOVEMBER 13, 2008

The owner of Creative Memories has filed Chapter 11 bankruptcy and has reached an agreement with its lenders to restructure its debt, according to a company statement. The Antioch Co. and six of its subsidiaries today filed voluntary petitions for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Ohio. Chapter 11 allows a company to stay in business while it reorganizes its finances.

The company said it will continue operating and doesn’t anticipate “any reduction in employee headcount or changes in operating facility locations,” according to a statement released through a New York-based public relations agency. Calls made to Creative Memories today were not immediately returned.”

And here’s just a portion of one article I’d like to share with you:

“After completing a comprehensive strategic review of the business, The Antioch Company, with the guidance of industry experts and turnaround specialists, determined that a pre-packaged filing was in the best interest of the future of Creative Memories,” said Asha Morgan Moran, global president of Creative Memories.

Can I just get a little “tee hee” about her name?

And another side track: THIS link has nothing to do with their current situation, but I came across this book preview when I was searching for info for this post. Just some interesting reading, if ya have the time…As someone who has been in the scrapbooking business here and there, I would enjoy reading about how those ladies built such a successful company. Think I’ll put this book on my Christmas list…

After I wrote this post, I saw that THE PEAS are already talking about it, too. Nothing escapes those gals!

I assume this development doesn’t surprise anyone? Creative Memories has had it’s share of ups and downs lately, and this devastating economy is being kind to no one. For the sake of their remaining employees, dedicated consultants, and loyal customers, I hope the restructuring plan is approved and goes well for all involved. Good luck, CM!

And your thoughts?

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