Creative Memories Files Chapter 11 Bankruptcy

Credit to ba1969

Advances in technology have been rough on scrapbooking company, Creative Memories.

As it turns out, advances in technology have been rough on scrapbooking company, Creative Memories. In June, the company alerted state officials that cuts were imminent. It’s possible that roughly 163 jobs, out of its 230 person headquarters, will be affected in some way.

The Creative Memories is the parent company of Golden Valley-based Archiver’s, which is a chain of over 40 scrapbooking stores. This company has also filed Chapter 11 bankruptcy since it owes between $10 and $50 million in assets.

Creative Memories offers a variety of products that include scrapbooking, personalized albums, photo-safe albums, and accessories.

In 2011, the company’s net sales were $102 million. In 2010, the company ranked as the 79th largest global direct sales company, with $113 million in net sales, with 29,000 salespeople and 364 employees in seven markets.

This information was summarized from the Minneapolis St. Paul Business Journal’s article, “More scrapbooking woes: Archiver’s files Ch. 11, too.”

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