The company that runs more than 2,000 photo studios at stores like Sears and Wal-Mart has gone out business.
CPI Corp. announced it decision in a two paragraph statement posted on its website.
“We are attempting to fulfill as many customer orders as possible,” CPI said. “If you’ve had a recent session, your portraits may be available at your Sears, PictureMe or Kiddie Kandids portrait studio.”
The Journal has the numbers:
“CPI’s financials have been deteriorating. Through the first three quarters of its recently completed fiscal year, the company’s loss quintupled to more than $60 million, while sales fell 24% to $192.7 million.
“Meanwhile, CPI’s total liabilities rose 14% to $174.8 million, and its total assets dropped 41% to $56.2 million. These are the latest numbers publicly available from the company.”
“CPI revealed last month in a Securities and Exchange Commission filing it had received a fourth forbearance agreement from its lenders and that it had until Saturday to meet its loan obligations,” the AP reports.