Calumet Photographic USA files Chapter 7 bankruptcy (no effect on Calumet UK)Editor - 14th March 2014
Calumet Photographic Inc., an independent US company within the Calumet group, announced on 13th March 2014 that it has filed for Chapter 7 of the U.S. Bankruptcy Code.
Calumet Photographic Inc. had originally planned a restructuring under Chapter 11 bankruptcy. The basis of this restructuring plan was an adaptation of the successful business model of Calumet operations in Europe and the United Kingdom. However, due to a cancellation by a local financial institution the planned restructuring could not be executed.
Calumet Photographic Inc. in the United States is an independent company. Also, the companies in the Calumet group in Europe and the United Kingdom are independent companies that are financially separate and operate independently.
“The filing of Chapter 7 for Calumet Photographic Inc. in the United States has no direct impact on Calumet in Europe and the United Kingdom” Christof Bergmann, General Manager of Calumet, clearly expresses and also adds: “Right now we are developing plans for a return to the US Market with retail locations and an online presence”.