To all of our loyal customers,
Don’t fret! Going forward, it’s business as usual at Tamrac. We continue to make the highest-quality camera bags around and are eager to come out of this re-organizational phase even stronger than before. We know you might have some questions so we put together the following news release to let you know what’s going on.
TAMRAC TO RESTRUCTURE DEBT THROUGH CHAPTER 11 REORGANIZATION
Going Forward, Operations Will Continue Normally; Orders Will Be Fulfilled and Service to Customers Will Continue
Chatsworth, CA – January 6, 2014 –Tamrac, Inc., the leading manufacturer of camera cases, announced today that it has filed a voluntary petition for reorganization under Chapter 11 of the United States Bankruptcy Code to restructure its debt.
Tamrac will continue to operate in the normal course of business and provide high quality camera bags to retailers around the world. All orders for products will be fulfilled and the Company’s commitment to providing outstanding workmanship remains unchanged.
“For the last couple of years the Company has faced a number of significant challenges, including weakened demand for point-and-shoot cameras, the economic recession which further hampered sales, as well as a shrinking number of specialized retail outlets,” said Jesselyn T. Cyr, president of Tamrac, Inc. “The actions we are taking today will allow us to lower our debt structure and re-align our balance sheet with the realities of today’s business environment. We fully expect to emerge from Chapter 11 as a stronger, more competitive company than we are today.”
Tamrac stated that, as of the filing date, it has sufficient cash to fund daily operations, including post-petition payments to vendors and partners and to meet customer and employee obligations through the duration of the restructuring. As part of its First-Day Motions, the Company has sought permission to continue to pay employee wages and benefits and pay suppliers for post-petition obligations without interruption.
“On behalf of the entire management team, I would like to thank our sales representatives, dealers, associates, and suppliers for their continued support during this process. I also want to recognize our dedicated employees, whose continued support and commitment are crucial to the future success our company. We are all dedicated to making this financial restructuring a success,” Cyr concluded.
Tamrac, Inc. filed its voluntary petitions for reorganization in the U.S. Bankruptcy Court for the Central District of California in Woodland Hills, CA. The Company is represented by Landau Gottfried & Berger LLP in its Chapter 11 proceedings.
About Tamrac, Inc.
Founded in 1977, Tamrac is recognized as the leading manufacturer of camera cases with distribution to more than 80 countries. Tamrac’s founders were outdoor enthusiasts who loved nature photography. They, like many amateur and professional photographers, had a strong need for camera bags that were tough enough to offer excellent protection, yet were easy to carry and allowed fast access to camera equipment to capture spontaneous wildlife pictures. Tamrac has built its reputation on legendary quality and a commitment to innovative design. The Company is headquartered in Chatsworth, California.