Calumet Photo announces immediate closing, bankruptcy after 75 years

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Calumet Photographic announced Thursday that it was suddenly shutting its doors after being in business for 75 years, founded in 1939. Calumet is filing for Chapter 7 bankruptcy, citing up to $50 million in debt, according to the Associated Press.

Calumet has a location in Los Angeles included in the closure. While they're immediately closing all of its United States locations, they're keeping their European stores open.

They also posted, several hours after the initial announcement, that they were looking into possibly reopening select locations.

According to its bankruptcy filing from Wednesday, the company has assets ranging from $50 million to $100 million and liabilities in the $10 million to $50 million range, according to the AP.

Read their full statement from Facebook:

After 75 years of business it is with a heavy heart that we announce our immediate closing in the United States (our European stores will continue). It has been a joy to share our passion for photography with you all of these years. We'll miss each other and we'll miss all of our customers. Thank you for everything.

With contributions by AP

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