Camera manufacturer C&A Marketing Inc has purchased the US assets of the bankrupt 75-year-old photo chain Calumet Photographic Inc. The said assets were bought for $4 million, and a debt of $600,000 was paid in cash, according to NorthJersey.com.
C&A president of marketing Harry Klein said: "We know what didn't work for Calumet and we know what's working for Ritz and our other imaging-related entities and we are prepared to invest the time and capital to rebuild. Ideally, it's about finding the sweet spot and adapting what we know to bring back the Calumet brand in a manner that restores the confidence of the existing customer base and designed to ensure long-term success in the current and future photographic environments."
According to C&A executive vice president (EVP) Chaim Pikarski, the company decided to buy Calumet to gain traction in the professional photography industry. The purchase will also give C&A a shot at growing Calumet's rental business, the report detailed.
As of now, C&A is still mulling on whether Calumet's 14 shuttered stores should be reopened or just focus on its top five branches. Regardless of what decision they come up with, Calumet's rental business will be moved online, NorthJersey.com reported.
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