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

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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  1. avatar

    Very sad for all involved. I hope they can get their act together for the sake of everyone, especially the consultants.

  2. avatar

    Very interesting. I would have thought that CM would outlast everyone…

  3. avatar
    mamapajama says:

    Thank you for posting a positive spin on this news! The peas are doing nothing but CM bashing which is just shameful! CM got the scrapbooking industry rolling and their products are top notch! They are often critisized for not “keeping up with trends”. To those people I say – enjoy your rotted, falling apart books in 20 years! My CM books will be good as new as they produce absolutely nothing until it is completely safe for photo preservation. I will continue to support CM and it’s mission.

  4. avatar

    I’m not the least bit surprised. I (and many other leaders) saw this coming several years ago with the decisions they were making in product direction, management, and consultant services. Ironically, 2 years ago my husband even predicted that they would go out of business around this time! I am fortunate that I had the good sense to downsize my business and eliminate my inventory. However, my heart goes out to the employees and consultants who chose to remain loyal and trusting and who have their families’ future resting on the fate of CM.

    I wish CM well, but I personally do not expect them to recover from this if for no other reason than their insistence that they do not need to make any management changes. Wow, that says a lot right there.

  5. avatar

    This is really sad news for anyone in direct sales, if it can happen to CM it can happen to anyone…
    I wish CM had focused their business more on digital scrapbooking over the last few years – it seems traditional scrapbooking is struggling. Rather than develop software for clients to purchase, I would have loved to see them develop a web based system.
    Oh well, maybe they will come back and re-think some of their strategy.
    Best of luck CM! My heart goes out to all the dedicated Consultants who have given so much in time, energy and loyalty to a great company. Barbie

  6. avatar

    I too cut my scrapbooking teeth on the very first white plastic templates CM made, met the president early on, and am sad to hear the news. But I was a scrapbook wannabe for 18 years, knowing it was important but not every really scrapping. I discovered Heritage Makers two years ago, and stopped being a wannabe & collector and becamea Heritage Makers Personal Publishing Consultant. I made over four projects my first six months and was hooked. We had record sales last month, and we are featured in the December O Magazine under the O List “Oprah’s All-Time Favorite Gifts.”

  7. avatar

    Beth… we cut our teeth on the same white templates years and years ago. After 10 years as one of CM’s founding leaders, I too moved on but have been on the phone yesterday and today with dear friends who did not. They have some very loyal consultants left, but in my, now more objective opinion, it will be hard to save the ship with the same captains on board that got them into this mess. Time will tell… Best of luck CMC’s!

  8. avatar

    I’m also a former CM consultant of 6 years, and still a fan of the no-frills, record-your-story approach that they support. However you feel about CM’s product line, the fact that they appear to be having problems (which is debatable, since it’s Antioch, not CM that’s restructuring) is not a good sign for the scrapbook industry in general.

  9. avatar

    No matter what the company spin is, it’s not good for CM. Think of how many other direct sales companies like SIAS, TLC, LP, etc. fell on their faces and then jumped back up and said, “Don’t worry, everything’s fine!” but it never was “fine” from that point on.

    CM will probably continue on, but it will not be the same. I’m sure many of their consultants will leave because of this. Honestly, CM and the other direct sales companies filled a need in the early days of this industry when products were hard to access. But with the advent of the online store and local crops, the game has changed. Unless you have something VERY desirable and exclusive (which CM somewhat has), it’s going to be hard to attract customers.

    BTW – I read that book several years ago and it explained a lot of why CM does what it does. For instance, they receive 50,000 product suggestions each month begging for the newest stuff, which they ignore. If your customers are asking for the CM version of current trends, why not at least consider it? It doesn’t make sense. They didn’t have to lose their soul to respond to changes in the way people scrap. You don’t have to follow every trend, but some trends have become “classics” and the still refused to move very far into the 21st century version of scrapping.

  10. avatar

    This is like hearing that your alma mater has closed down. How sad for them. Maybe we’ll get to buy CM goodies in the retail stores after all.

  11. avatar
    Wyler Tuesday says:

    Ladies, Please check the facts regarding the last few years @ CM and you will find that the demise of this company is not the downturn in the economy nor the forced retirement of many of the good employees, BUT THE MONIES RECEIVED BY THE CURRENT MANAGEMENT AND SPECFICALLY ASHA MORON MORAN AND HER FATHER SUCKING OUT APPROXIMATELY $138 MILLION DOLLAR OUT OF THE COMPANY (THIS IS WHY THEY HAVE DEBT) Think about it? Isnt it sad that a company that was doing so splendidly well (till Asha and Lee took out these funds) somewhat suddenly is going down the tubes. You poor consultants and employees, I feel sorry for you and hope you all join forces to overturn this greedy family of fake intent.

  12. avatar
    Wes Thomsen says:

    Love ’em or not, there are many factors in play between the economy, the leveling off of interest in scrapbooking ( less of a fad now and more of a passion for the dedicated ) and my personal opinion is that CM brought scrapbooking to an unprecedented level. I’ve met many great people at the corporate office and know that many people in the company ( like Rhonda Anderson for example ) will be teaching, encouraging and informing until their dying day regardless of who they’re affiliated with.

  13. avatar

    To all of you involved with CM and other DS companies that are feeling the times of the economy, my heart goes out to you. I do hope that CM will survive through this and that the compesation plan for their consultants does not change.
    I am also with a DS company, and we have had 15 record breaking months in sales in and rep growth. We are fortunate to have such amazing stats with the way the economy is. I do not want to make this an advertisement for my business, so if you want to know more about the ds company I am with you can contact me; I really feel for all of you that are struggling during these times. I wish you all the best

  14. avatar

    As a former Consultant of 10 years and CM Unit Leader of over 50 —— I’m not surprised by this at all and that’s all I’ll say—–

    I’ve since started my own business and would like to invite the many former consultants (and current as well) to bring their clients to my events. Since you are not sponsoring the event, you shouldn’t have to follow all of the Creative Memories’ rules and regulations in regards to hosting. We have an album embosser which, if I recall right, you’re not supposed to offer though the scrappers love it! We sell many non-CM supplies that people like to use and would love to buy at an event.

    The point I’m making is that —— doing your events through me ——- You can end up having a higher turnout and even be more profitable!! Check out my website at ———– ———- and let me know if I can help you in any way.

  15. avatar
    jennifer jackson says:

    Oh my god! I just saw this about Creative Memories filing chapter 11…I am shocked, i love them And I just sent them another book to print! my 8th book at least! I pray that they can stay above water & keep the good work up! I started scrapbooking with creative memories! Please dont go AWAY! NONONONONONO….

  16. avatar

    I hope the employee will have something left in exchange for their loyalty and service and it’s not really surprising to file chapter 11 specially today where our economy is on it’s poorest shape.

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