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 Wall Street Journal reports CPI notified retailers of the decision yesterday. The AP reports that digital photography has eaten into the company's business.
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.
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