It appears that no one in the scrapbooking industry is immune. Take this story over at marketwatch.com as case in point:
The Antioch Company, parent company of Creative Memories, a leader in the memory celebration industry for more than 20 years, announced today that it has reached an agreement with its lenders to restructure its debt.
This is somewhat of a shock. To many people, Creative Memories are part of the furniture in the scrapbooking industry. A huge number of people started their scrapbooking journey with Creative Memories, or at least have been involved with them in some way, at some point – myself included.
Creative Memories US Website
CM co-founder, Rhonda Anderson, is quoted as saying:
We are focused on our bright future as we further expand our offerings into digital scrapbooking and other innovative memory celebration options while continuing to serve our traditional scrapbook market.
Sounding a little too cheery perhaps?
So what exactly is Chapter 11? Basically it means a business can’t pay all of its bills. In other words – not good.
Wikipedia has this to say on Chapter 11:
Chapter 11 is a chapter of the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States.
And also this:
…it may be more economically efficient to allow a troubled company to continue running, cancel some of its debts, and give ownership of the newly reorganized company to the creditors whose debts were canceled. Alternatively, the business can be sold as a going concern with the net proceeds of the sale distributed to creditors…
If you’re interested in reading further, marketwatch.com’s full story is here…or if your curiosity about Creative Memories is peaked, their (US) website is here.
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{ 2 comments… read them below or add one }
hi
i started working on scrapbooking,and now falling love with die cuts… one problems is they dont sell images pictures i want.. i have design some picture or i found pictures on website that i like.. i printed out and cut it and stick on the page.. i have cuttelbug machines i enjoying it.. but i want machines that cuts the pictures i designs or of the website just like the printers its prints everything u wanted on computer now am after cutter machines now i dont know where or what brands of what am after… i know cricut machines but can creat your own picture u have but the package have the pictures etc but….. not the pictures i wanted.. so hope u understands what am saying and hope u able help me and tell me which machines i get to get what i am after to save time and troubles to buy die cuts from someones, or printed out and cut out etc want design on computer and cuts the picture i made!!!
i think i said enough so hope i get good news….
cath
oopa sorry wrong wesite pleae clear this message!!!