Calumet Photographic Finds a Buyer

April 9, 2014

Calumet Photographic Inc., the photography retail chain whose abrupt shuttering and bankruptcy filing surprised customers, has found a buyer for some of its assets, the Wall Street Journal reported today. According to court papers filed yesterday 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.

Unsecured Creditors Object to Sbarro Financing Plan

April 9, 2014

Unsecured creditors expected to go unpaid in Sbarro LLC 's second trip through bankruptcy say that the pizza chain is blatantly disregarding landlords and others owed money by the company, Dow Jones Daily Bankruptcy Review reported today. The official committee representing Sbarro's unsecured creditors on Monday filed an objection to Sbarro's proposed $20 million bankruptcy loan, which it says sets the restaurant company's restructuring on a path that hurts the committee's members. Unsecured creditors aren't expected to recover any of their claims through the restructuring.