Cord Camera heads into receivership - Business First of Columbus:

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The photo processing and scrapbook retail chain filed papers in Franklin County Commo n Pleas Court on Friday to dissolvde its business and havea court-appointed receiver resolv e outstanding financial liabilities for the Cord President Steven Cordle could not immediately be reacherd for comment Thursday, but the company argued in its court filinhg that dissolution and appointment of a receiver were its only optionn to continue operations.
“Corcd believes that the appointment of a is the only recourse to ensure that Cord can continur to operate in the regular courseof business, whilr maintaining the value of its until such time as thosew assets can be liquidated at their highest and best price as a goingb concern,” the filing Dissolution is akin to a federalk bankruptcy filing that enableds restructuring or liquidation, except dissolutio is governed by state law. Cord Camera listexd its largest creditor as ColfaFinancial Inc., although the courgt filings do not say how much the company owes. The filing also said other creditorss have beguncollection actions.
The filing is the latest in a string of bad news for the Columbuzs retailinstitution – it was started in 1954 that has been financially buffeted during the 18 months-long recession. Troubles surfaced last year, when callec in Cord Camera’s $8.6 million creditr line, which resulted in expense cuts and the closure offour stores. Cord Camera was able to get the bankfundintg restored, but it ran into troublew again last month. Philadelphia-based filed a lawsuit May 8 in U.S. Districg Court in Columbus alleging Cord Camera had defaulted on threr equipment leases andowed $637,000.
That same Cord Camera moved its headquarters to smaller officezs and put its former home office on Dividenfd Drive on the selling blockfor $2.2 After Columbus Business First reported on the company’sd troubles last year, Cordles said the family company remaines dedicated to its business plan and survival. “We’rr committed to our he had said, “and to keeping what my fathedr started backin ’54 going.” The consolidatiom left Cord Camera with 28 stores in Ohio and Indiana.