Portrait Studio Co. Seeks Ch. 7 After Abrupt Closures

Law360, New York (May 1, 2013, 6:59 PM EDT) -- St. Louis-based photography portrait studio operator CPI Corp. filed for Chapter 7 bankruptcy protection Wednesday, weeks after abruptly closing all of its nearly 3,000 U.S. locations and fielding a lawsuit over claims of unpaid wages.

CPI, and more than a dozen affiliates, made the filing in Delaware bankruptcy court and listed $10 million worth of assets, but $135 million in liabilities.

The company shuttered all of its 2,700 locations in the U.S. on April 3, leaving more than 4,000 employees without work, and allegedly letting them...
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