Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Dale Heins is not a Canadian, and I highly doubt he would continue to file financial statements for a company he no longer worked for.
CPI had created custom presets for Lightroom. I'm not sure how far off these were from the out of the box presets you get. You can create your own though by starting with the out of the box ones, tweaking the settings, then saving those changes. Lightroom is pretty nice for cataloging your photos, and quickly applying various filters to your photos. Photoshop or Photoshop elements is better for making spot touch-ups on photos, but you might find lightroom faster and easier for everyday workflow. I have Lightroom 3 and I like it a lot.
Looks like about 30 or 40 people still at the home office in St. Louis today. Surprised there are that many. Liquidation work I guess.
I haven't worked there since January. I was downtown week before last and there were a sparse number of cars on two of the 4 lots. I should be down that way later this week so I'll see how things are going.
Yeah I live a couple miles from what was headquarters.
Looks like that gives them 3 days to sneak a truck up to headquarters so they can haul the printing equipment across the border.
Just checked on the Cigna website. My insurance shows as active. Was able to print a temporary ID card that is valid till 4/25/13. Thinking maybe I should try and make use of it.
Is CPI Canadian Holdings, Inc. the company that is running the portrait studios in Canada? I noticed they are listed on the banks foreclosure notice that was filed today. Still trying to make sense of the notice, but it looks like maybe the bank is saying nice try, but that's ours too.
Hmm except I notice where it refers to all equipment located in the US and Puerto Rico. Very odd.
I'm kind of baffled that they think people are going to let them get away with this. If they had gone bankrupt and the bank had seized all of their printing equipment, then it would be understandable. In this case though, they are still in operation, and still have equipment. They may have shuffled themselves around using bogus shell companies, but they do still exist. All affected customers should still refer this to their district attorney office, even if wal-mart issues a refund.
Has anyone heard how things are going for the Mexico division? It's almost like they have been completely forgotten about... kinda strange. http://retratamecpi.com.mx/ seems to still be up and functioning.
Lol best of the best... well maybe if that 50 doesn't include the board of directors.
Jim Abel's number at CPI is (or maybe was) 314-231-1575 extension 3681. That's been the CEO's extension for a while... Renato had the same one.
Possible. It's been been swinging up and down by like 20% even in the last few days. The movement of the stock no longer seems to have anything to do with events in the company. As far as I can see the company running CPI Canada is not tied to CPIC stock. CPI Corp seems to be in some strange state of limbo where it's been abandoned and no longer has any employees, the stock trading has not been halted, and there has been no bankruptcy filed.
Sounds to me like con artist pulling a social engineering trick to make off with a few things. CPI left a perfect opportunity for this by abandoning their stuff and not giving the host stores any kind of direction on how to verify if someone coming in to do something at the store is legit or not.
Exactly. I'd be more than happy to tidy up a few stores myself.
I think the Canada division would definitely be attractive to a buyer if there isn't a huge debt burden that comes along with the transaction. It looks like me like they are doing a lot to umm... wash that away so time will tell.
Looks like this press release answers the question of how many employees are left at corporate. 50. It mentions near the bottom of the release about them being transferred to the new shell company they got set up.
Actually the more I look at this the shadier it looks. Is it possible that management basically split CPI Canada away completely, and transferred themselves there, basically abandoning CPI Corp so there is no one for creditors to go after?
Yeah I'd assume the 2012 thing is a typo. Sounds like they need a better proofreader. Sounds really shady though... they sold part of the company to themselves? Businesses get away with things on a daily basis that would get individuals thrown in jail in a heartbeat.
If I had to bet, the brand I could see most likely coming back would be Sears Portrait Studio. Sears has said to the press that they are looking into what options they have continue the brand. My guess is they will bring someone like Lifetouch in to run them. I doubt wal-mart really cares if they have portrait studios or not. Not really sure about babies r us.
Yeah I have been considering going with them. I have received quite a few letters in the mail from them offering insurance since I went on furlough.
I see they've still made no EDGAR filing. I'm kinda surprised the the stock trading hasn't been halted yet.
Sorry I only watched the 5pm newscast. I hate when they do that teaser BS. I checked their site but I didn't see any followup posted there. They might have just been talking about a local company here... I probably should have watched it myself. If you are really interested, you may want to send them a message on their facebook or call them. They've answered questions I've had on news stories before.
Midnight tonight is when they are canceling it. Not sure eyeglasses would be covered though... unless you had the additional optical plan? I'm assuming both that and dental cancel at the same time as cigna which is midnight tonight.
With the current forbearance agreement ending on Saturday, hopefully the bank will be reasonable about allowing that to happen.
Here's a link to a video of the report that was on the local news in St. Louis earlier today in case anyone wants to see: http://www.kmov.com/news/editors-pick/St-Louis-based-photo-company-abruptly-closes-leaving-customers-employees-scrambling-201522801.html
Didn't realize that. I suppose people could leave a message for Jim at 314-231-1575 extension 3681. Doubt he's very talkative right now though.
I Haven't had much contact with the company in several months so I don't really know anything other than what they have said on their websites, which is to go to the store where the session was taken. Only way that will work though is if someone from wal-mart or sears steps up to handle things. The customer service numbers are 1-888-742-6366 for PictureMe and 1-888-767-8724 for Sears Portrait. Not sure if they plan on keeping those numbers staffed though. Hopefully they will fill in some details tomorrow and release an official statement(right now the only thing the press has been able to report is second hand information from employees).
I'd say it's possible. Isn't that similar to what happened to Kiddie Kandids? I know they had already closed down their stores before CPI bought them.
I sure hope they are smart enough to not be sending this e-mail out to customers who are waiting on their current orders to be delivered. Would be kind of adding insult to injury.
I'm sure he'd say "keep calm and carry on" or something similar if he was here lol.
One of the local news stations here in St. Louis (kmov) just had a story on the 5pm news about CPI. They interviewed some employees at local stores that had came in on their own time and were passing out pictures to customers and burning CDs for them. Really shows how many dedicated employees we had.
Looks like the message on the corporate website confirms that it's ok to hand over the undelivered photos to the host store if they will take them, or give them to the customers. Basically they are telling customers to drop by the studio and try to find someone to find their pictures. If it was me I'd just hand them over to the host store and be done with it. No one should be beating themselves up over this as 100% of the responsibility for this predicament is on the people who decided to pull the plug on things without a good fulfillment plan.
Some wind down plan. More like a giant nosedive.
Could someone explain how paying everyone weekly instead of every two weeks will cut costs? It seems like the only thing it would accomplish would be doubling payroll processing fees since they will have to cut twice as many checks.
Ah another glitch, like the MLK day glitch. Having a lot of those lately it seems.
On a side note I really hope someone is actually paying the health insurance premiums for furloughed employees. I have a doctors appt in a couple weeks and I am not looking forward to any surprises.
Yep was just going to mention that about THQ. An article written in December about it seemed to indicate Clearlake was buying them and would continue to operate them as is. Then, an article a month later said that they were closing, and that the rights to various games they created would be sold to other publishers.
*corrected... I see now where it says they were split up by the bankruptcy court instead of being sold.*
Best of luck! Not sure that's exactly a move though... We've all been working for them for at least the past year lol.
The department of labor site at http://www.dol.gov/ does also have a pretty good amount of info, but it could be organized better. It does sound like everyone basically needs to go union unless they decide to update these laws to something more civilized and up to date.
That's basically how it works with Salary. There are strict laws in place regarding how you have to go about reducing pay for salaried employees. They really can't reduce hours, but I believe they can do a salary reduction. From what I have heard here about the DM furloughs and layoffs, and the fact a lot of them had been with the company a long time, it does sound like they are getting rid of as many salaried workers as they can.