Large Portrait Studio Chain Files For Bankruptcy
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ST. LOUIS (AP) — CPI Corp., a St. Louis-based operator of more than 2,000 U.S. portrait studios that abruptly closed its outlets last month, has filed for bankruptcy.
CPI listed $10.4 million in assets and $135 million in debt in a filing on Wednesday in Delaware.
CPI’s sudden closure of its portrait studios, many situated inside Wal-Mart, Sears and other stores, resulted in layoffs of more than 4,300 workers and left many customers hanging.
It wasn’t clear if customers would be reimbursed for orders paid for but unfilled, though the company said in the filing it didn’t expect to have funds available for unsecured creditors, which usually includes customers.
A message left with CPI’s attorney was not returned. CPI’s website has been shut down except for a brief message about closure of the studios.
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