Kiddie Kandids Announces Closure- updated

Kiddie Kandids, a Sandy, Utah based chain of photography studios, has ceased operations, effective immediately. This shutdown occurred as the result of an abrupt and unforeseen loss of funding from is banks. Kiddie Kandids' operations have been particularly challenged by the economic climate over the past 18 months and its lenders have informed the company that they will no longer provide funding for Kiddie Kandids' immediate cash needs. "Without continued funding, Kiddie Kandids was unable to meet its imminent financial obligations," said Dale Merrill, Kiddie Kandids CEO. "We have exhausted all possible avenues for funding and have come to the end of the road. This is truly unfortunate in light of the great team of employees and the great customers that made Kiddie Kandids a leading national children's photography studio. It is our hope that if the assets are purchased out of bankruptcy that the buyer will consider hiring back many of our employees." In light of the unforeseen termination of funding by its lenders, Kiddie Kandids intends to file a voluntary petition for relief under Chapter 7 of the Bankruptcy Code in the coming days.

Prior to its closure, Kiddie Kandids was one of the nation's premier children's portrait studios, specializing in newborn, infant, toddler, and pre-school portrait photography. Founded in 1974, Kiddie Kandids grew from a single camera in a mall kiosk to a nationwide network of 184 hi-tech portrait studios. The majority of Kiddie Kandids' studios are located within Babies 'R' Us retail stores across the country. http://kiddiekandids.com/

Update**This has really bugged me since I heard about it. I have done research on it to find out it really is all Kiddie Kandids fault. I mean really they had to know they were going bankrupt and to have workers work til sunday and customers come in sunday and spend lots of money on pictures then turn around at 12 midnight and say we gone bankrupt we have no money sorry your not getting the stuff you ordered and to the workers sorry your medical has been shut down dec 31 and your not getting paid for the last two weeks youve worked becuase we are broke. That is a bunch of crap. 1000's of people are now out of jobs in this aweful time of no jobs and 1000's of customers are out of their money and pictures because you decided to grab all the money you can before say adios. I hope all the lawsuit that are filed put the company corps. guys behind bars for fraud. I am a photographer and I know from a customers point of view you cant just go someplace else and get the pictures re tooken its the memories and for the workers I feel so bad that they have to start out this new year jobless, money less, insuranceless, and in a court battle. I really hope justice is served here but I know people will still be hurt and people will still lose everything. I just hope something is done!!! I mean this was a big company that made tons of money so I dont see how they could go bankrupt. The company owners are just greedy and didnt pay their bills and instead wanted fancy cars and houses and vacations well I hope they all have to live in a box in a alley somewhere for what they have done to all these innocent people!!