Be optimistic!!

I've been puzzled by two facts: (i) Why CPI did not file Ch7 or Ch11 BK for the US operation, while it chose the receivership over bankruptcy for the Canada operation, and (ii) whether CPI planned the receivership with the lenders.

While I still don't know the answers for both questions, here is one possible answer for the first question: "...the bankruptcy laws continue to provide certain remedies and procedures that are unique. That being said, business parties may not always be willing to turn over their financial fates to a bankruptcy judge. A less intrusive receivership proceeding may, in certain instances, be more desirable. When a developer finds himself upside down in a project and a handful of creditors are owed money and can look to the build out of the project, receivership may be a quicker, less expensive and more appropriate workout tool, than a bankruptcy case..."

http://rtcreceivers.com/receivership-vs-bankruptcy_303.html

They can buy a building if necessary.

We had a philosophical difference before, but I like your humbleness and consistent support/encouragement to your fellow DMs/SMs/Associates. Thanks!!

You guys are talking about not-wrong things, like contacting/signing up with SUGARLAW.ORG, contingency, no money from my own pocket, WARN act, nothing-to-loose, etc. But before talking about them and taking any action, you should know what the lenders and CPI had planned, and what they are/will be doing, like Ch7 or 13? permanent employment termination?, buying back the bankrupted CPI?, status of Forbearance Agreement?, who are in new company?, who are new BOD, who are new share holders?, etc. Otherwise, you are wasting your time and efforts. As two members said in the previous messages, you will get nothing (or almost nothing) after their legal fees taken out first (contingency distribution comes after the fees), or won't see any dime after so many years, but still waiting. I got to go. My lunch break is about to be over. Good luck!!

Good action, but those guys are not going to take the case unless they can see the big money making. At least, you know that they were not there for you before. So, you may want to gather more clients (DMs/SMs/Associates) for them to have a chance to make bigger money if they win.

The most important fact is whether or not Bank of America and other lenders are behind the CPI's abrupt action. If they are all behind it, it is very difficult to win the case because they have money. They can easily crush those lawyers, who are looking for a few dollars from you guys. I think it is also good for you guys to contact the State Attorney General in MO and find out whether there are any criminal activities committed by the CPI management (like, high payments to themselves, creating a shell company in Canada by transferring the assets without the shareholder's approval, etc.). By the way, one or two SMs were checking into the status of the 401(k). I think that is the most important action you should take now, rather than all those messages you guys are sharing each other now (like, phone number, address, holiday pay, PTO, emotional things [like, sorry, feel for you, etc.)]. If CPI is going to file Ch. 7, I am not sure whether your 401(k) will be there for you or not. We all witnessed the reduction of the 401(k) from the BKs of the airline and auto industries in recent years. Good luck!!

Why are you so angry? I really do not understand. Isn't the choice yours? Every body thinks so. As Jim Abel said in his letter, "... The Canadian business, which has not suffered from the same difficulty as the US, has continued to deliver strong financial performance...", it appears that the CPI Canadian business operation is very strong. So, if you trust CPI, then be happy and keep working hard. However, if you are not happy with CPI and don't trust CPI, then get out and get a new job, rather than being negative and complaining. Nobody will stop you. CPI needs loyal and dedicated employees at this point of time for success in Canada. Re real!!!

Positive? Strongly doubt. Inside information from higher ups through a connection and report it in the public forum??? Certainly unethical.

Have a good vacation!! You sound stressful. And you need a vacation before looking for a new job. In the mean time, I will be working without a vacation for the time being to keep my 6-figure salary position.

By the way, here is the more news today:

1.01 Entry into a Material Definitive Agreement On April 5, 2012, CPI Corp. (the “Company”) entered into a Bill of Sale with its wholly-owned subsidiaries, CPI Canadian Images, an Ontario partnership (“CPI Canada”) and Consumer Programs Incorporated, under which CPI Canada purchased certain assets of the Company and Consumer Programs Incorporated related to the Company’s business operations in Canada, consisting primarily of certain equipment, software and other inventory. The consideration for these assets was $1,642,221.66.

I am not certainly clueless. I know that people like you, who have been disloyal and negative, led the CPI US operation failed. Have a good day and good luck for looking for a new job, which is what you have been wishing for, while getting paychecks from CPI.

The choice is yours. As Jim Abel said in his letter, "... The Canadian business, which has not suffered from the same difficulty as the US, has continued to deliver strong financial performance...", it appears that the CPI Canadian business operation is very strong. So, if you trust CPI, then be happy and keep working hard. However, if you don't trust CPI, then get out and get a new job, rather than being negative and complaining. Nobody will stop you. CPI needs loyal and dedicated employees at this point of time for success in Canada.

http://www.searsportrait.ca/

http://www.walmartportraits.ca/

Are you working for PhotoHand.com, NationsPhotoLab, Lifetouch or any ohters? Or a laid off CPI employee? You are tring to make it sound, but that doesn't fly. Go get a real job soon!!

As Jim Abel said in his letter, "... The Canadian business, which has not suffered from the same difficulty as the US, has continued to deliver strong financial performance...", it appears that the CPI Canadian business operation is very strong. Be happy with it and keep working hard. I am glad you guys got bonuses.

http://www.searsportrait.ca/

http://www.walmartportraits.ca/

Good point. It would be a standalone company. But, take a guess who would be BOD, CEO, CFO, etc. We are going to find them out soon.

There is no CPI US opeartion, but there is/will be CPI Canada operation.

You don't need to be angry at me. It looks you are out of the bound. When you get a new job, make sure you don't lose your temper to your customers. Keep calm and carry on. Oh, by the way, didn't you just say, "...it bites back..."?

Follow the rules. Let them go!!

Don't worry about me. I am doing fine. If you lost your job, worry about youself.

It is a sad thing, but accepts the reality and let it go, like a big person. It is always two-way street. CPI could have let PMS go bankrupted in 2007, rather than purchasing it by paying $80M. Otherwise, CPI wouldn't have this much debts now. So, don't think only bad side of it. Think good side, like an extension of your employment for six more years since 2007. If you have been a good performer, and are loyal/dedicated employee to CPI, don’t forget to contact your DM and RD for a possible position available at SPS.

I feel sad, too, for you and other Pic Me’s! But, it has been a strategic business decision, not a personal decision. No matter what, CPI has to survive first for the rest of the CPI family members. I know it is sad, but don't give up as our lives have to move on. If we all together pull through this turmoil, I am sure there will be better days ahead of us. Good luck with SPS and have a great day!!

Be loyal and faithful to your employer, who provides supports for your needs. Have a good day!!

I do respect all those dedicated employees at SPS, PMPS and KKPS. However, I do not respect those under performers, who would be part of the cause of this turmoil that we are experiencing. It is time to keep the best performers for the bright future of CPI.

With respect to your mention of 28 hours, I believe it will go higher once the business starts to pick up. It is a natural and logical thing to do. Let's hope the best.

Have you been able to get a new job? Share your experience of how easy or difficult to get a new job in the current market with the CPI employees, who lost their jobs over the weekend. And I like to see those employees, who lost the positions, but still have souls and hearts for CPI/photography/customers, start to apply for the positions at SPS through their DMs and RDs. I strongly believe that those under performers at SPS should be replaced by the top performers at PMS, who have been truly loyal and dedicated employees.

I strongly support the idea that the SPS under performers should be replaced by the PMS top performers with loyalty and dedication.

Your message has been well received with my respect. Happy Easter for you and your family!!

Again. Take a look at a bigger picture. $97M-$80M=$17M, which is mainly for high interest, legal, penalty and late fees. CPI would have had an even or profit business during the worst recession in our history.

With respect your argument of the business generation by PMS, one can always argue that SPS could have more business if we let PMS go bankrupted. We might have shared the PMS business with Lifetouch, and had better and more profitable business.

More importantly, do not take a “Not Me" attitude. Perhaps, you spreaded the words of a BK and/or a liquidation of CPI because you heard them from your DM or RD. But, since you don't know the facts, you didn't have to spread the words again in public. Another words, you are the same as those, who were spreading false rumors or speculations. Be more responsible!!

Some of your thoughts are aligned with mine:

1. SPS viable/PMS out - I agree. If previous CEO, Renato Cataldo, didn't pay $80 Million cash for the bankrupted PMS, we wouldn't have any debt now (97M-80M=17M, which are mostly related to late, legal, penalty fees due to violation of the credit agreement, etc.). CPI/SPS business would have been an even or profit business during the worst recession.

2. No CPI or SPS BK - You guys have been predicting/speculating/wishing a BK or a liquidation of CPI for many months (particularly last three months in this board mainly by PMS SMs and former employees), but it hasn't happened. And a chance of your predictions is less likely, as every day goes by. Based on the information (i.e., International Division will be sold and SEARS will acquire SPS, etc.) provided by some members in this board, I have a feeling that CPI may sell the Int. Div., bring the cash ($10M?, 20M?, 30M? or 40M?), pay off some of the BofA debts, and SEARS may assume (or pay off) the remained BofA debts with SEARS stocks. While pursuing that plan, it may milk out PMS and KK as much as it can to bring additional cash to pay off the BofA debts (or file a BK for PMS and KK only if it is legally possible, and/or it helps to save/bring more cash).

3. So, again competition begins. As many of you have said here, if your heart and soul are with loving photography and customers, then keep working hard and show your dedication by all means. They are the only employees, who will be appreciated by CPI and will stay with CPI.

And after all dusts are settled, and the business starts to pick up, then I am sure more hours and higher wages would follow. Happy Easter!!

It may be bad for any SPS SMs, who would be replaced by PMPS SMs, but the competition begins. Able, quality, experienced and dedicated employees will survive. After all dusts settle, I believe part time hours (21~29 hours) eventually may go back to full time hours (40 hours). And maybe a higer wage and a bonus program would be considered if business starts to pick up. Let's hope the best!!

If you don't want to work for CPI, get a new job. Nobody will stop you. We have other people linedup for your position.

As always, you have a destructive idea. Do yourself if you want, but don't agitate other people.

All the comments and information you guys have heard from this site were provided by a few negative employees, which never have been true. Perhaps, your DM was telling you a true story about that a sale is eminent. Just wait and see, rather keep complaining and spreading false rumors without knowing the facts.

You keep repeating words like, tired, over, leaving, new job, etc. Like a big person, who has pride and integrity, leave quietly. Best luck with your new job!!

Able persons with quality should be able to get new jobs if they choose to do so.

Very good!! I trained you very well. Keep up good work!!

Get a new job, rather than begging. Must be a shame.

Sure, I understand. But, we have a due process. Don’t you remember, "innocent until proven guilty"? You are not a judge, and cannot definitely say the word of "discrimination" in public now. Free internet does not mean you can say whatever you want. You must not say certain things. Don’t simply speculate it easily because you are not involved. Be more responsible. That is what I am talking about.

Some time ago, I felt from the tone of your messages that you are kind of a person, who would have a twisted, kinked and destructive mind set. Well, I can start to see who you are. Girl, get a new job.

It is a long, unnecessary talk, but a simple answer to that: If anyone takes a position with responsibilities at CPI, carry on with faith. Don't worry about others, but worry about your responsibilities.

Discrimination is a serious matter, and nobody takes lightly. If you don't know the facts and the detailed information, don't open your big mouth easily.

Did you say you were a SM when some SMs now were in a diaper??? Grow up girl. See a bigger picture. The issue of one person's pregnancy is nothing to do with a CPI's decision/policy. I guess that is all what you can see. Find a new job in hurry for you and CPI.