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.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)


Leave a Reply

Please log in using one of these methods to post your comment:

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

More From CBS St. Louis

Download The App

Listen Live