Here it is:
April 3, 2013
Dear Fellow CPI Employee:
Over the course of the past year, we have discussed in a variety of communications that we have been battling through the decline of our business. During that time we negotiated deals with our hosts, secured additional funding from our banks, and marketed our company to potential purchasers. Unfortunately, all of those efforts have fallen short – the decline of our business proved too great an obstacle to overcome and we will be forced to discontinue our US operations effective today, April 3.
The Canadian business, which has not suffered from the same difficulty as the US, has continued to deliver strong financial performance. The Canadian operations will continue as a standalone company until it is sold to another party.
I want to thank each and every one of you for your hard work and dedication to this company, particularly over the past year, as we explored every opportunity to restructure the Company for a profitable future. Your passion has enabled us to provide cherished memories to families throughout North America for over 60 years. I hope you will leave with good memories and pride in the invaluable contributions you have made to our customers, your fellow employees and our Company. Your record of achievement and dedication will serve you well in your future endeavors.
We have created a frequently asked questions document which is attached, and should address many of the questions that you may have upon receiving this news.
Thank you again for your service to CPI,
I wish you all the best in the future.
Sincerely,
Jim Abel
President and Chief Executive Officer
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