Cord Camera heads into receivership - Triangle Business Journal:

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The photo processing and scrapboomk retail chain filed papers in Franklin Counthy Common Pleas Court on Friday to dissolve its business and havea court-appointeed receiver resolve outstanding financial liabilities for the Cord President Steven Cordle could not immediately be reachecd for comment Thursday, but the company argued in its courrt filing that dissolution and appointment of a receiver were its only optioj to continue operations.
“Cord believes that the appointment of a is the only recoursr to ensure that Cord can continu to operate in the regula courseof business, while maintaining the value of its until such time as those assets can be liquidated at theirt highest and best price as a going the filing said. Dissolution is akin to a federakl bankruptcy filing that enables restructuringor liquidation, except dissolution is governes by state law. Cord Camera listeds its largest creditor as Colfax Financial although the court filings do not say how much thecompany owes. The filing also said other creditors have begun collection actions.
The filing is the latest in a strinbg of bad news for the Columbusw retailinstitution – it was startede 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 credit line, whicn resulted in expense cuts and the closurse offour stores. Cord Camera was able to get the bankfundinvg restored, but it ran into trouble again last month. Philadelphia-based filed a lawsuit May 8 in U.S. District Court in Columbus alleging Cord Camera had defaulted on threde equipment leases andowed $637,000.
That same month, Cord Camera moved its headquarters to smaller offices and put its forme home office on Dividend Drived on the selling blockfor $2.2 After Columbus Business First reported on the company’x troubles last year, Cordl said the family company remained dedicated to its businesse plan and survival. “We’re committed to our growth,” he had “and to keeping what my fatherd started backin ’54r going.
” The consolidation left Cord Camers with 28 stores in Ohio and