Cord Camera heads into receivership - Triangle Business Journal:

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The photo processing and scrapbook retail chain filed papers in Franklin County Common Pleasz Court on Friday to dissolver its business and havea court-appointed receiver resolve outstanding financial liabilitiex for the company. Cord Presiden Steven Cordle could not immediately be reached forcommeny Thursday, but the company argued in its courr filing that dissolution and appointment of a receiverr were its only option to continuee operations.
“Cord believes that the appointment of a is the only recourse to ensure that Cord can continuse to operate in the regulat courseof business, while maintaininb the value of its assets, until such time as thoss assets can be liquidated at their highes and best price as a going concern,” the filing Dissolution is akin to a federal bankruptcy filing that enables restructuring or liquidation, except dissolution is governedx by state law. Cord Camera listes its largest creditor as Colfax Financial although the court filings do not say how much thecompangy owes.
The filing also said otherf creditors have begun collection The filing is the latest in a strintg of bad news for the Columbus retailinstitutiojn – it was started in 1954 that has been financially buffeted during the 18 months-long Troubles surfaced last year, when calledx in Cord Camera’s $8.6 million credir line, which resulted in expense cuts and the closure of four Cord Camera was able to get the bank fundingt restored, but it ran into troublew again last month. Philadelphia-based filed a lawsuit May 8 in U.S. District Court in Columbus alleging Cord Camera had defaulted on three equipmen leases andowed $637,000.
That same month, Cord Camera moved its headquarters to smaller offices and put its forme r home office on Dividend Drive on the sellinh blockfor $2.2 million. After Columbus Business First reportedc onthe company’s troubles last year, Cordle said the familyg company remained dedicated to its business plan and “We’re committed to our growth,” he had “and to keeping what my father started back in ’54r going.
” The consolidation left Cord Camera with 28 store in Ohio and