Oh boy.. Archiver's filed Chapter 11
Post ReplyPost New TopicPosted 4/30/2013 by WorkingClassDog in General Scrappin'
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WorkingClassDog
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Posted: 4/30/2013 10:08:12 AM
I will try to post a link in a second.. I just got the email....



JanGram
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Posted: 4/30/2013 10:10:39 AM
We must have posted at the same time.


Jan




WorkingClassDog
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Posted: 4/30/2013 10:11:23 AM
I can't post a link from my email... I tried your link and it is restricted on my computer...



*maureen*
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Posted: 4/30/2013 10:12:53 AM
Here's what they posted on facebook:

Yesterday Archiver's filed a plan for reorganization under Chapter 11. We took this step to give us the time needed to make necessary changes in our business. Please be assured Archiver's is not going out of business quite the contrary, we're making it better.

As with many retailers, the past few years have been difficult for us. This has been due in part to the recession, but also to the increased use and ease of digital technology, causing a segment of our customers to look elsewhere for ways to enjoy, share and preserve their memories. The result has been a sharp decline in the purchase of scrapbook and memory craft products, the core of our business. So, we must recognize the changing needs of our customers and adapt accordingly.

The changes we're making are the result of several months of evaluating our business and learning from our customers about the ways in which Archiver's can be improved. The introduction of Archiver's Memory Lab is the most obvious and important addition, and you'll find that it's a great way to help you access and enjoy your photos and memories. Over the next several weeks you'll see other changes as well, from our website redesign to new merchandise assortments. We encourage you to come see the new, improved Archiver's, and we thank you for your past and future business.


WorkingClassDog
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Posted: 4/30/2013 10:14:43 AM
awww thanks for posting....



JanGram
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Posted: 4/30/2013 10:16:33 AM
Thanks, Maureen.


Jan




BetsyJane
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Posted: 4/30/2013 10:16:43 AM
Time to stop in and spend a little money...I'll do my part to save them!

mvscrappin72
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Posted: 4/30/2013 10:17:23 AM
Awe man!! I hope they don't fold... That would be bad!!

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Posted: 4/30/2013 10:18:28 AM
Oh man, I wish them the best. I have no LSS to shop at so I really enjoy Archiver's.


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dalayney
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Posted: 4/30/2013 10:23:08 AM



Time to stop in and spend a little money...I'll do my part to save them!


I'll be a superhero too! Off to save the day....



pcrfn
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Posted: 4/30/2013 10:23:12 AM
I just checked my e-mail too. A's is really the only lss we have around here now (it's about 35 miles away from me) and I do like to go in and look at stuff in person once in awhile. Some things you just want to touch and feel before you commit to buying. The only other sb store that I know of is about 70 miles away I think; too far with gas prices. I do shop at 2Peas and will continue to do so, but I'll miss the "smell of the paper". Maria

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Posted: 4/30/2013 10:23:37 AM
ugh! I just saw this.

Guess this means we won't be getting one in the North Texas area.


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StuckOnPeas

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Posted: 4/30/2013 10:30:15 AM
Just saw the email. It doesn't really surprise me, but I hope they are able to pull out of it. It's the only "LSS" left near me.




LisaEDesign
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Posted: 4/30/2013 10:33:44 AM
The only one in our state is 3 hours from me but I now have occasion to pass by and stop once or twice a year. I really enjoy that break along my route. They are the only LSS I've ever been to where I had good service and they carry current product which is really nice.

Hancock Fabrics went into Chapter 11 years ago and they are still open. I hope this measure works out for them.


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ckettel
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Posted: 4/30/2013 10:34:40 AM
I feel a little guilty because I have not spent much there the past couple years. I buy more here, and sometimes an LSS. One can only spend so much at so many places.


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Oh No!
BucketHead

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Posted: 4/30/2013 10:41:05 AM
This kills me. Those stores are the highlights of all vacations! We don't have one within two hours, but I LOVE them.


cdpeck
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Posted: 4/30/2013 10:48:12 AM
NOOOOOO!!!!!!!!

JanGram
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Posted: 4/30/2013 10:53:23 AM
I am hoping they go ahead with Scrapfest.


Jan




JamieH
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Posted: 4/30/2013 11:10:13 AM
Oh,no...not the news I wanted to hear. There aren't any stores left around here except Archivers,so if they go under,that would be awful.

I hope they get things turned around soon.

JamieH




mamatobabyA
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Posted: 4/30/2013 11:22:18 AM
Anybody else thinking that photolab was a terrible idea? It takes up sooo much product space!



WorkingClassDog
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Posted: 4/30/2013 11:39:25 AM
I have just recently seen the photo lab for the first time, but didn't check it out.

I remember not that long ago how everyone was all pissed that Archiver's was taking away the business of the lss.

Now look... yikes.

I never was the one to be all over Archivers taking away lss business. I would always try to shop lss first, then Archivers, then M's or HL... I will be sad if A's goes away though..



tpgirl
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Posted: 4/30/2013 11:39:59 AM
my company filed last year also ....we were doing terrible but the chapter 11 allows you to do the reorganization (in our case...get out of some really expensive leases that were drawn up when the market was really good). MY company had to shut down about 1/4 of the stores (the ones that were not making a profit) and it allowed the more profitable stores to keep going on. This is only my understanding of how it works, so I sell my heart out each day to keep my location profitable, so our doors won't be closed. Hopefully this will be the case with Archivers.


It was fate that I would enjoy paper crafts...my name is Sharmon (like the TP)!


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julieberg
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Posted: 4/30/2013 11:53:33 AM

Anybody else thinking that photolab was a terrible idea? It takes up sooo much product space!


I thought the same thing. And I have a feeling it will be more expensive than going to Sam's, etc. I will never utilize it.

StaZyG
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Posted: 4/30/2013 12:23:36 PM
I hope this isn't a sign of things to come in the industry!
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journey fan
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Posted: 4/30/2013 1:21:26 PM
I blogged my thoughts about it and have a question for you ...

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paperpea
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Posted: 4/30/2013 1:28:53 PM
The photo lab is a waste of space. That decision could be what closes their doors. If they have even less product to buy why go there? With diminished floor space they better unload old stuff and bring in fresh product. Stale won't sell!

TracieClaiborne
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Posted: 4/30/2013 1:51:51 PM
I disagree about the Photo Lab. I used it the other day and I loved it so much I'm getting ready to do a blog post on it this week.

They always have the product I want except they did make one dumb mistake this CHA. They ordered the embellishments only from the Maggie Holmes line and not the paper. I was like What???? You could tell from the show buzz that Maggie Holmes' line was gonna be huge. Their buyer missed the mark on that one.

I will continue to support them and hope they do well enough to keep mine open!

KYTeecher
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Posted: 4/30/2013 1:59:08 PM
So sad to hear this..... and a bit surprised too.
I was expecting CK to stop printing their magazine, but I thought that Archiver's was doing ok.
I sure hope they are able to work out their financial things.
The nearest A's is 3 hours from me, but I love to stop in whenever I am in town.
I love their variety of product and have even attended one of their classes. (It was really good!)


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twinsmom-fla99
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Posted: 4/30/2013 2:02:59 PM
As long as it is just Chapter 11, I wouldn't be too worried. It is really common for companies to file under Chapter 11 and continue doing business. In fact, that is the entire purpose of Chapter 11--to allow a company that is in trouble get a bit of a "do-over" on its debts. They have to present a plan to the bankruptcy court and creditors of how they are going to reorganize to become a better company and be able to pay back some of the debt. Some creditors get the shaft when their debts get discharged, but other creditors will get at least some of their money back. Shareholders usually end up with nothing.

If Chapter 11 fails, they may end up in Chapter 7. That's when you liquidate assets, pay off debts, and end the company.

sorfammom
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Posted: 4/30/2013 2:55:24 PM
If you read the Archivers statement it sounds like Memory Lab is part of their new plan to keep them going. They say that people are buying less physical product in part due to the popularity of digital technology.

Rhonda in TX
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Posted: 4/30/2013 3:19:42 PM
I have an Archiver's about 25 miles away, but it doesn't make sense for me to make a special trip over there to shop. Gas prices are just too high. I do stop in if I'm in the area, and I get together with friends who live over there to crop at the store. I'll be sad if they don't make it.


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kmoller
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Posted: 4/30/2013 3:21:42 PM
CM recently emerged from Ch. 11 and now they've just recently filed again for Ch. 11. Is this a trend in the industry...?

I don't have a link for CM as it was in an email to me. I rarely buy product from them, but I do like their cover sets and true 12x12 pages.
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Gail OH
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Posted: 4/30/2013 3:29:19 PM
got an email as well...


Gail

shimelle
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Posted: 4/30/2013 4:21:24 PM
Sorry, please forgive my naïveté: is the photo lab something that is only in-store? Like you would go to the store to do something akin to digital scrapping? Or is it just printing photos really?

I'm trying to imagine why digi scrappers would go into the store instead of chilling on the sofa with their laptop, etc. I'm hoping I've just got the idea wrong, because that just doesn't sound like a viable way to get back to profit in my mind.


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andreakuenzel
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Posted: 4/30/2013 4:25:46 PM
I really don't know what the Photo Lab is all about, but the last how many times I have been in Archiver's (I have 3, 40 minutes away from me)I have been annoyed that they have taken up so much space with that Photo Lab! I am coming there to buy scrapbook SUPPLIES, not print photos. Annoying.

Katybee
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Posted: 4/30/2013 4:37:28 PM

Sorry, please forgive my naïveté: is the photo lab something that is only in-store? Like you would go to the store to do something akin to digital scrapping? Or is it just printing photos really?


You can upload pictures from home and have them printed and ready for you at the store. But it's a step above CVS--it's archival quality, they can do fancy sizes, finishes, etc.

I'm going to a crop on NSD and am going to upload some pics and try it out. (You can also do everything in store).

They put it in our crop space, which made cropping last weekend MISERABLE--we were all smushed together like sardines. So that's a big downer. (Of course, it was sold out--so that's a good sign).



3kidmama
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Posted: 4/30/2013 5:02:45 PM
You know what worries/concerns me about this?

Filing bankruptcy under Chap 11 means getting to put off getting to renegotiate terms, payments, etc to creditors.

I would think that for a scrapbook chain, "creditors" are also going to include scrapbook paper companies like MME, American Crafts, Echo Park...etc. If I were "Cool Scrapbook Line Company", I would have probably done anything (including sending out large orders of paper/embellishments) to a chain like Archivers - knowing they would be "good for it" in terms of payment for my products.

What I'm saying is that I worry this might end up having a chain reaction and hit other Mom/Pop scrapbook design companies who now must wait a LONG time, or even take a hit on what they are owed from Archivers Corp! If these companies are already struggling to stay afloat, I'm betting being delayed in repayment for huge orders from Archivers might be the last straw for them too.

The failure of Archivers might lead to the failure of other Scrapbook companies who will be out the money they are owed by a HUGE (by industry standards) scrapbook retailer!

I think this is a REALLY BAD day for scrapbook manufacturers in general!

QueenofTools
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Posted: 4/30/2013 7:49:46 PM
From Scrapbookobsessionblog.com:

"The Archiver's board authorized the bankruptcy filing on April 25th via a written directive. In court filings, the retailer indicates that it intends to continue operating. The initial petition estimates the company has between $10-$50 million in assets, and $1-$10 million in liabilities, and indicates that the company believes there will be at least some funds available for distribution to unsecured creditors.

As a retailer, it's not surprising that a large portion of the company's top 20 unsecured creditors are product wholesalers. The largest unsecured creditor is EK Success, who is owed over $250,000. Also appearing on the top 20 creditors list are American Crafts, 3L, We R Memory Keepers, My Mind's Eye, Bazzill, Love To Scrap, Doodlebug, BoBunny, Ranger, Silhouette, Pioneer, Pink Paislee, Ellison, and Queen & Company, who are owed between $55,000 and $200,000 each. The Archiver's bankruptcy is a double hit for 3L, who was already listed as one of the top creditors in the Creative Memories bankruptcy a few weeks ago.

A meeting of creditors is scheduled for May 30th at the US Courthouse in Minneapolis. Proof of claims from creditors are due to the court by August 28th, an important deadline since the petition estimates that there will be funds to disperse to the creditors who submit claims."

--------

I would hate to be one of those companies. That's a long time to wait with the hope of getting only part of what is owed. Sad situation for everyone.

rcarpen
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Posted: 4/30/2013 7:51:05 PM
I tried out the photo lab this past weekend and loved it! I basically unloaded all the photos off my I-phone and saved myself a lot of time. They were printed within minutes while I was cropping. I also used their coupons for 4 free 4 x 6 photos and 2
5 x 7 photos. They even provided the USB cord. I also had the option of uploading to social media sites. I really liked it. They have my full support . I will be so sad if their reorganization does not work out! I love A's as much as I love Two Peas, and that is a lot!


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kaleyanne
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Posted: 4/30/2013 7:54:16 PM
I work at Archivers's, and believe me when I say this is a good thing for us! Our stores have struggled, a lot. Part of it has been the economy and part is a lot of Scrapbooking is digital and people don't need supplies. We are doing our best though and need all the help and support we can get! I know as not only an employee but also someone who loves shopping at Archiver's and attending manias, it would be sooo hard to lose the store. In my opinion, no where else can you find such an amazing selection for Scrapbooking. And to go to manias..nothing is better than that! So we are working hard to stick around, with no plans of going anywhere.
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madds2
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Posted: 4/30/2013 8:26:13 PM
Oh man.....that's the only place around me that has current and worth the drive stuff. I hope things work out for them.

Madeline
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Posted: 4/30/2013 9:43:47 PM
Oh NO! I haven't even been to one yet.
Please oh please don't let Recollections be the only paper brand in the world.


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Mary Kay Lady
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Posted: 4/30/2013 10:53:10 PM

I hope that they're able resolve their financial issues and become solvent. I was hoping that they would expand and open a store in the Fort Worth area.


rosedotson
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Posted: 5/1/2013 1:05:53 AM
I love archivers was just at the one in Raleigh recently always stop on our way from Virginia to Charlotte but did notice it was not busy and they didn't have as many new lines as usual
Rosemary

lascrapper
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Posted: 5/1/2013 1:43:53 AM
I wish them the best and long-term success. My local A's (in MN) does a good job turning inventory, since CHA the front half of the store has been constantly changing with new lines being featured. There's no "old stuff" hanging around, it moves back to clearance pretty quickly. Will be interesting to see if these financial hardships make it harder for them to get new product in promptly. Creditors who aren't getting paid may not be so eager to extend further credit for more products, or rush it to the chain.

The Memory Lab is an interesting concept, but perhaps late? I don't know who owns A's now, but it was started by the same guys who started Proex Photo many years ago. So there's definitely a history in the photo processing business, but that's not an easy sell anymore either. They do have some features in the Memory Lab that I want to try out--like converting my old VHS and other videotapes to digital. But that's a one-time process and when I'm done, I'll be done, kwim? Won't keep me coming back for repeat business. And I was annoyed when I looked online and could not find their prices on that service. I will go in and get my wedding videos converted with the coupon they sent me. I figure I have to send it to someone, so I might as well give it to Archivers cuz I trust them!

When it comes to photo processing, I'm pretty price sensitive. Since Sam's Club (my usual stop) is so inexpensive (13 cents per 4x6) A's price of 29 cents isn't going to make me rush right over with 200 prints to do, like I did tonight from my computer to Sam's, which I'll visit at lunchtime tomorrow to pick up my prints. I can see the A's service being very useful when I go into the store to crop...which is quite rare these days. I have a good setup and a TON of product at home, making me less inclined to crop in-store.

All of which is part of their problems!



andtyler
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Posted: 5/1/2013 6:08:27 AM
I hope someday to visit an Archiver's...



gutspiel
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Posted: 5/1/2013 7:09:14 AM
The closest A is over 8 hrs away, never been to one and I'm guessing it will not happen anytime soon.

Thankfully I have a wonderful LSS.


Stacey S_O

Miglets
StuckOnPeas

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Posted: 5/1/2013 6:48:19 PM
See, if they had just put one near me . . .




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Posted: 5/1/2013 9:45:31 PM
Closest one to me, which was over an hour away, closed already. I wish them the best but I probably won't be driving over 2 hours to check out The Photo Lab.
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3kidmama
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Posted: 5/1/2013 10:23:30 PM

I work at Archivers's, and believe me when I say this is a good thing for us!


I'm TRULY happy that it may mean that many people like you and other Archivers employees can keep their jobs, however I doubt the bankruptcy is a "good thing" for companies like:

Pink Paislee
Queen and Co
Ranger,
American Crafts
Doodlebug
My Mind's Eye
BoBunny
Silhouette
and many more!

I doubt several of those scrappy companies will be able to afford to lose $25,000 - $250,000 that they are owed by Archivers and stay open themselves - through no fault of their own! They chose in good faith to do business with Archivers and now they have to try to eat HUGE (to them) losses while Archiver's gets to restructure to stay afloat!

They will paid get much less than they are owed by A's and will have to wait a LONG time for whatever bit they DO end up getting! That doesn't even cover the additional $$$$ that these little companies will lose by having to hire attorneys to try to get repaid by A's during legal proceedings.

I fear this news may mean that the scrapbook company universe is going to get even smaller and that those companies will not be able to pay their own employees.

Bankruptcy and restructuring my be good for the "big boys", but the Mom/Pop businesses the big corporation stiffs end up get stuck without promised $$ to pay their own bills and ultimately lose THEIR livelihood.

These situations have disastrous ripple effects on other lives that aren't in the news headlines. My heart goes out to ANYONE who is struggling to keep their job OR company in this economy!
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