Calumet collapse: Bosses plan return to US market (update)
March 14, 2014
Calumet has blamed the collapse on the failure of a cash rescue deal that bosses hoped would save the business from vanishing from the US market, where it ran 14 stores.
Calumet says its UK and European businesses are financially and operationally independent from Calumet Photographic Inc in the US.
Christof Bergmann, general manager of Calumet, said: ‘The filing of Chapter 7 for Calumet Photographic Inc in the United States has no direct impact on Calumet in Europe and the United Kingdom.’
He added: ‘Right now, we are developing plans for a return to the US market with retail locations and an online presence.’
A statement released by Calumet’s UK office says: ‘Calumet Photographic Inc had originally planned a restructuring under Chapter 11 bankruptcy.
‘The basis of this restructuring plan was an adaptation of the successful business model of Calumet operations in Europe and the United Kingdom.
‘However, due to a cancellation by a local financial institution the planned restructuring could not be executed.’