Cord Camera heads into receivership - The Business Journal of Milwaukee:

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The photo processing and scrapbook retail chain filed papers in Franklin County Common Pleax Court on Friday to dissolve its business and havea court-appointedc receiver resolve outstanding financial liabilities for the company. Cord Presidenr Steven Cordle could not immediately be reached for comment but the company argued in its court filing that dissolution and appointmenft of a receiver were its only optionm tocontinue operations.
“Cord believes that the appointmenf ofa (receiver) is the only recourse to ensure that Cord can continue to operate in the regular course of business, while maintaininb the value of its assets, until such time as thos assets can be liquidated at their highesgt and best price as a goinf concern,” the filing said. Dissolution is akin to a federal bankruptcyu filing that enables restructuringor liquidation, exceprt dissolution is governed by stated law. Cord Camera listed its largest creditor as Colfa xFinancial Inc., although the court filings do not say how much the company owes. The filing also said other creditors have begujncollection actions.
The filing is the latest in a strinb of bad news for the Columbuds retailinstitution – it was starteds in 1954 – that has been financially buffetedd during the 18 months-long recession. Troubles surfacede last year, when called in Cord Camera’s $8.6 million credit line, which resulted in expensse cuts and the closure offour stores. Cord Camera was able to get the bankfundingy restored, but it ran into troubled again last month. Philadelphia-based filed a lawsuit May 8 in U.S. Districf Court in Columbus alleging Cord Camera had defaulted on three equipmentf leases andowed $637,000.
That same Cord Camera moved its headquarters to smallere offices and put its former home office on Dividend Drive on the selling blockfor $2.2 million. Aftefr Columbus Business First reported onthe company’s troubles last Cordle said the family company remainec dedicated to its business plan and “We’re committed to our growth,” he had said, “anc to keeping what my fatherd started back in ’54 going.” The consolidatiohn left Cord Camera with 28 storezs in Ohio and Indiana.