Pages: 1 2 [3]   Go Down

Author Topic: Calumet Photo is done  (Read 18694 times)

Vladimirovich

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 1311
Re: Calumet Photo is done
« Reply #40 on: March 15, 2014, 11:30:50 am »

Yes, in the USA using the President's full name is intended as a slur.
but that was not his full name and it was so on purpose by the poster, was it not ?
Logged

Paul2660

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 4066
    • Photos of Arkansas
Re: Calumet Photo is done
« Reply #41 on: March 15, 2014, 11:42:55 am »

NAME: Barack Obama
OCCUPATION: Lawyer, U.S. President, U.S. Representative
BIRTH DATE: August 04, 1961 (Age: 52)
Did You Know?: After serving as an Illinois senator, Barack Obama was elected the first African-American president of the United States.
EDUCATION: Punahou Academy, Occidental College, Columbia University, Harvard Law School
PLACE OF BIRTH: Honolulu, Hawaii
Full Name: Barack Hussein Obama, Jr.
AKA: Barack Obama

Not to get off course, but here is the full info on our sitting U.S. President.  Not sure he had anything to do with Calumet closing either. 

Paul Caldwell
Logged
Paul Caldwell
Little Rock, Arkansas U.S.
www.photosofarkansas.com

Chris_Brown

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 974
  • Smile dammit!
    • Chris Brown Photography
Re: Calumet Photo is done
« Reply #42 on: March 15, 2014, 03:35:08 pm »

A few weeks ago I had secured a rental agreement (strobe packs, lights, stand, booms, bags, butterflies, etc) with one of the Calumet rental shops. I've rented from this particular store for about 7 years, if not longer. Their equipment was always ready to go, and in good shape. When I read about their bankruptcy, I called the store thinking that someone would be there to, at the very minimum, return cameras to owners after repair and to receive rental gear. Nope. Store was shut. I called the rental dept. manager on his personal cell (because by this time we had a good friendship beyond our jobs).

On Wednesday, all employees came to the store. The manager asked for their keys and employee/security badges and sent them home. The store had cameras from a dozen customers (repairs, sensor cleanings) that could not be picked up. They had half their rental inventory out that could not be returned. They had photographers coming to get rental gear who would not be told they were closed, and were met with locked doors and an empty, darkened store. The store had taken 50% deposits on Zeiss, Canon & Nikon lenses from several loyal customers. Employees were owed a two-week paycheck which had never been deposited (via direct deposit).

What a clusterfuck. Clearly upper management doesn't care a whit about anyone but themselves.
Logged
~ CB

Rob C

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 24074
Re: Calumet Photo is done
« Reply #43 on: March 15, 2014, 06:22:06 pm »


What a clusterfuck. Clearly upper management doesn't care a whit about anyone but themselves.


That's a new one for me; must write it down.

;-)

Rob C

JoeKitchen

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 5022
Re: Calumet Photo is done
« Reply #44 on: March 15, 2014, 06:31:50 pm »


What a clusterfuck. Clearly upper management doesn't care a whit about anyone but themselves.

This is a bad situation all around, especially for some who had cameras in for repair or made down payment for equipment.  However, the idea that upper management not caring, is total BS.  

I have spoken to a couple of people who are more in the know then most of the disgruntled employees who have been releasing information on the web.  One of those employees spent all day Thursday and Friday calling customers and clients whom he dealt with to help with the situation as best he could.

The fact is that most likely Calumet was going to file Chapter 11 and close a few stores, just like Staples is doing.  However, Wednesday afternoon, without notice, the bank called in the note on the company.  Nothing can be done after that but to file chapter 7.  As of now, the company, and its locations, is most likely being overseen by the bank who is holding the note.  I am sure that if management could get into those stores to give back the equipment held within to the rightful owners, they would.  But those stores are now managed by the bank, and entering could be considered B&E on their part.
Logged
"Photography is one percent inspiration and ninety-nine percent

BJL

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 6600
Re: Calumet Photo is done
« Reply #45 on: March 15, 2014, 06:55:17 pm »

The fact is that most likely Calumet was going to file Chapter 11 and close a few stores, just like Staples is doing.  However, Wednesday afternoon, without notice, the bank called in the note on the company.  Nothing can be done after that but to file chapter 7.  As of now, the company, and its locations, is most likely being overseen by the bank who is holding the note.  I am sure that if management could get into those stores to give back the equipment held within to the rightful owners, they would.  But those stores are now managed by the bank, and entering could be considered B&E on their part.
Thanks Joe; that is corroborated by the notice that Calumet put on its doors, as seen in the photo at http://www.43rumors.com/calumet-us-closes-overnight-all-your-preorders-likely-lost/

And anyway, it's just more satisfying to blame the banks.
Logged

Dennishh

  • Full Member
  • ***
  • Offline Offline
  • Posts: 160
Re: Calumet Photo is done
« Reply #46 on: March 15, 2014, 08:23:47 pm »

My heart goes out to all the Boston calumet employees that have been such an integral part to all the professional photographers in the area over the last 40 years! I hope all of you can find something else to more rewarding do. Calumet and every other photography supplier is suffering from the same disease that is the destruction of the photography business by the new digital era. Clients actually feel that they have to pay nothing for photography that's the real problem. We will miss you guys!
Logged

pixjohn

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 716
Re: Calumet Photo is done
« Reply #47 on: April 15, 2014, 06:23:39 pm »

They could not bother to post Date and Time?

I did get inside information from an attorney that employee's still owed money might not see it, and the secured creditor comes first. I was surprised to hear that info, since I thought the laws covered getting employees paid first.  Calumet  was sold to a liquidation company and they can sell off the contents. People with small rentals out might get to keep the stuff because it was determined not to be cost effective to go after it in court.

If I understood the numbers they paid 35 cents on the dollar.
« Last Edit: April 15, 2014, 06:32:19 pm by pixjohn »
Logged

Chris_Brown

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 974
  • Smile dammit!
    • Chris Brown Photography
Re: Calumet Photo is done
« Reply #48 on: April 15, 2014, 06:50:29 pm »

What a train wreck. It's as if upper management simply bled it dry and ran for the hills.
Logged
~ CB

GregShapps

  • Full Member
  • ***
  • Offline Offline
  • Posts: 138
    • http://www.shappsphotography.com
Re: Calumet Photo is done
« Reply #49 on: April 15, 2014, 07:44:06 pm »

This was in the WSJ on April 8

http://blogs.wsj.com/bankruptcy/2014/04/08/calumet-photographic-finds-a-buyer/

"Calumet Photographic Inc., the photography retail chain whose abrupt shuttering and bankruptcy filing surprised customers, has found a buyer for some of its assets.

According to court papers filed Monday in Calumet’s bankruptcy case, CalPhotoUS LLC—a new company formed by Calumet’s former principals—is offering $2.825 million to acquire inventory, store leases and other assets.

The inventory and leases are for former Calumet stores in such cities as Chicago, San Francisco and Washington, D.C. CalPhoto would also take responsibility for any liabilities related to the leases as well as the stores’ former employees and customers.

Calumet, which sold high-end photography and video equipment, filed for Chapter 7 bankruptcy liquidation on March 12 with plans to close all of its 14 U.S. stores. Its European stores will remain open.

Chapter 7 trustee Catherine Steege, an attorney with Jenner & Block, urged the Chicago bankruptcy court to approve the sale at an April 29 hearing.

Calumet is due in bankruptcy court Wednesday for a hearing on such proposals as its request to hire a consultant to help it find buyers for its remaining store leases and other assets."

Logged

fotagf8

  • Newbie
  • *
  • Offline Offline
  • Posts: 29
Re: Calumet Photo is done
« Reply #50 on: April 16, 2014, 01:46:23 pm »

I hope they open up again in Chicago.  A physical location is useful for buying things like camera bags, filters, etc.  However, the new company will have a fundamental problem--lack of goodwill.  Not sure if I had a mission critical job that I would rent from them until they establish a track record over several years.  Same goes for putting down deposits on equipment.
Logged

BJL

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 6600
Re: Calumet Photo is done
« Reply #51 on: April 16, 2014, 02:35:27 pm »

I hope they open up again in Chicago.  A physical location is useful for buying things like camera bags, filters, etc.  However, the new company will have a fundamental problem--lack of goodwill.  Not sure if I had a mission critical job that I would rent from them until they establish a track record over several years. ...
But if you rented form them and then the bank shuts them down on one day's notice (which is what happened this time: the bank forced the abrupt timing of closing), then you might get to keep the gear you had out on rental!  But seriously, I agree that it could be hard to redevelop good working relationships with professional customers.
Logged

fotagf8

  • Newbie
  • *
  • Offline Offline
  • Posts: 29
Re: Calumet Photo is done
« Reply #52 on: April 16, 2014, 05:45:24 pm »

But if you rented form them and then the bank shuts them down on one day's notice (which is what happened this time: the bank forced the abrupt timing of closing), then you might get to keep the gear you had out on rental!  But seriously, I agree that it could be hard to redevelop good working relationships with professional customers.

While I cannot guarantee anything, I would almost guarantee that the bank eventually caught up with anyone who had rented a Phase One or comparable back and similar camera and lens equipment.
Logged

SangRaal

  • Full Member
  • ***
  • Offline Offline
  • Posts: 114
Re: Calumet Photo is done
« Reply #53 on: April 17, 2014, 07:28:25 pm »

I do Ski area,/Golf resort Bankruptcy stuff and represent the same industry secured creditors on a regular basis So I have a working understanding of  BK practice and procedure. If you have deposits or your equipment is at a Calumet facility immediately file a Proof of Claim with the court the forms are online and its easy; go to hearings and creditor meetings be apain in the ass its true the squeaky wheel gets oil. If you are owed a significant sum hire a BK atty. maybe somebody who is already representing unsecured creditors in this case. If you have calumet property and you get asked for it by the court  return it the crime is theft of leased property or more likely you will get hit with contempt of BK court you get no trial nor any defense == .Don't be like my client who told the BK trustee to F--- himself and found his home and business ransacked by federal marshals and got 5 months and 29 days in Lewisburg Federal pen for contempt (and payed my law firm a ransom to get his contempt reduced to only 45 days and a 10K fine).
Logged

GregShapps

  • Full Member
  • ***
  • Offline Offline
  • Posts: 138
    • http://www.shappsphotography.com
Re: Calumet Photo is done
« Reply #54 on: May 02, 2014, 03:49:53 pm »

Crain's Chicago is reporting today -  "Buyer snaps up bankrupt Calumet Photographic"

http://www.chicagobusiness.com/article/20140502/NEWS01/140509941/buyer-snaps-up-bankrupt-calumet-photographic?r=7354C5895023B2Q
Logged

Slobodan Blagojevic

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 18090
  • When everyone thinks the same, nobody thinks
    • My website
Re: Calumet Photo is done
« Reply #55 on: May 02, 2014, 04:31:26 pm »

Crain's Chicago is reporting today -  "Buyer snaps up bankrupt Calumet Photographic"

Incredible how sloppy journalists can be these days, even in business papers:

Quote
Calumet filed for bankruptcy on March 12 in U.S. Bankruptcy Court here, listing assets of between $50 million and $100 million and liabilities of between $10 million and $50 million.

If assets were so much higher than liabilities, as described above, they would not need to file for bankruptcy.

Mr.Cip

  • Newbie
  • *
  • Offline Offline
  • Posts: 4
Re: Calumet Photo is done
« Reply #56 on: May 02, 2014, 05:08:55 pm »

C&A Marketing Buys Out Calumet Brand, Bringing Back a Few Entities
http://petapixel.com/2014/05/02/ca-marketing-buys-out-calumet-brand-bringing-back-a-few-entities/
Logged

digitaldog

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 20630
  • Andrew Rodney
    • http://www.digitaldog.net/
Re: Calumet Photo is done
« Reply #57 on: May 02, 2014, 05:10:15 pm »

Incredible how sloppy journalists can be these days, even in business papers:
If assets were so much higher than liabilities, as described above, they would not need to file for bankruptcy.
There appears to be some confusion over the numbers.
http://www.imaging-resource.com/news/2014/03/13/calumet-photographic-suddenly-declares-bankruptcy-closes-stores
Quote
According to the Chicago Tribune, Calumet has filed for Chapter 7 bankruptcy, and has listed between $50 million and $100 million in assets and $10 million to $50 million in liabilities. However, this court document obtained by Photo Business puts their assets at just $50,000, a frankly horrifyingly low number. To make it more confusing, there appear to be multiple Calumet related filings here, muddying the situation even further.
Logged
http://www.digitaldog.net/
Author "Color Management for Photographers".

Chris_Brown

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 974
  • Smile dammit!
    • Chris Brown Photography
Re: Calumet Photo is done
« Reply #58 on: May 02, 2014, 07:01:34 pm »

After my last experience with them, I'm not interested in working with them again.
Logged
~ CB

BJL

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 6600
Re: Calumet Photo is done
« Reply #59 on: May 03, 2014, 11:58:54 am »

If assets were so much higher than liabilities, as described above, they would not need to file for bankruptcy.
Part of the issue was insufficient liquid assets: when lenders suddenly called in a note, Calumet did not have the cash to pay, and the lenders demanded liquidation.  (I can see lenders maneuvering to force liquidation before liabilities exceed total assets, which would mean them getting back less than the full amount that they are owed.)
Logged
Pages: 1 2 [3]   Go Up