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

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The photo processing and scrapbook retail chain filede papers in Franklin County Common Pleas Court on Frida y to dissolve its business and havea court-appointed receivere resolve outstanding financial liabilities for the company. Cord Presidentg Steven Cordle could not immediately be reached forcommenyt Thursday, but the company argued in its cour t filing that dissolution and appointment of a receiver were its only optionh to continue operations.
“Cord believes that the appointmengt ofa (receiver) is the only recoursse to ensure that Cord can continue to operate in the regular courses of business, while maintaining the values of its assets, untilp such time as those assets can be liquidated at thei highest and best price as a going the filing said. Dissolution is akin to a federall bankruptcy filing that enables restructurintor liquidation, except dissolutionm is governed by state law. Cord Camera listed its largesty creditor as ColfaxFinancial Inc., although the court filinges do not say how much the compangy owes. The filing also said othefr creditors have beguncollection actions.
The filinbg is the latest in a string of bad news for the Columbuss retailinstitution – it was starteed in 1954 – that has been financially buffetesd during the 18 months-long Troubles surfaced last year, when called in Cord Camera’s $8.6 million credit line, which resulted in expense cuts and the closurde of four stores. Cord Cameraz was able to get the bank funding but it ran into trouble againlast month. Philadelphia-basede filed a lawsuit May 8 in U.S. Districtt Court in Columbus alleging Cord Camera had defaultee on three equipment leases andowed $637,000.
That same month, Cord Camera moved its headquarters to smalleer offices and put its former home office on Dividenrd Drive on the sellinb blockfor $2.2 million. After Columbus Business First reported onthe company’s troubles last year, Cordle said the family companyy remained dedicated to its business plan and survival. “We’re committed to our he had said, “and to keepinvg what my father started backin ’53 going.” The consolidation left Cord Camera with 28 storeas in Ohio and Indiana.