Creative Memories bankruptcy update

The following email went out to Rewards Club members today. It says that there will be a "last chance" order period in July for some core products, like Refills, Page Protectors and some core albums. This is pending court approval. They are intending to re-launch (perhaps under a new brand name or new packaging?) in the "future" but they have not been specific in how soon the future would be. Recently CM closed in Australia and their While Supplies Last lasted about two hours. I'm optimistic yet cautious as so much of this is out of CM's hands now and in the hands of the Court.

 

What do you need currently to make progress on your Creative Memories albums? Please take stock of what you have and decide what you may need in the near future to complete your current album projects. I will help you as best I can with keeping you up to date with news from CM. It is my heartfelt desire that our albums, pages and page protectors be around for generations to come.

 

Hugging my CM albums today,

Donna Lyn 

 

Dear Rewards Club Member,

Thank you for your membership, and for your belief in Creative Memories products and mission.

As you may know, we're working on exciting plans for a bright new future for our business that will bring the mission to even more people. As we’ve shared before, we intend to emerge from Chapter 11 with a simpler, more focused business model, and will be sharing more with you as we go.

As part of the Chapter 11 process, Creative Memories has sent a few official notifications on behalf of the Court, and you will be getting another one later today. It will likely be in "legalese," so we'd like to explain what it includes.

The future business we're working on includes new, fresh products and programs. To make that happen, we need to begin transitioning out of current products and programs. So we've filed a motion for the Court's consideration. It establishes procedures and modifies some of our programs related to while supplies last for many traditional products and a last chance order opportunity.

What's been put before the Court is our intention, and it does require Court approval, so it is not a certainty yet. But upon approval, what does that mean for you and for the Rewards Club?

• We will stop accepting new members or renewing existing memberships of the Rewards Club (this is effective as of the filing today, June 12, 2013).
• We will honor Rewards Club Credits, and the Rewards Club program will continue until August 21, 2013.
• Due to the while supplies last of traditional products, we will not be restocking much of the current inventory on hand, so this is an excellent time to use your Club Credits to get those products you've had your eye on.
• We will issue Club Credits to compensate for unused days of Membership. We will use August 21 as the final day for the Rewards Club and base calculations on the membership fee of $39. So for example, if an individual bought a membership on June 1, 2013, then as of August 21, 2013 she would have used 82 days of the membership, leaving 283 days used.  Thus, she would be credited with $30.24 in Rewards Club Credit ($39 x (283/365)).
• For some core products, like Refills, Page Protectors and some core albums, we will be offering a "last chance" order period in July, during which time we will do our best to manufacture to demand. We will communicate more about that as it gets closer, including the specific products available for a last chance order.

All of this is pending approval from the Court, so items like the reimbursement of Club Credits will happen when and if we get approval.

We understand this is big news, but hope, if approved as proposed, the transition period will be sufficient for you to get the supplies you need. And please know that we will welcome you with open arms as we re-launch in the future.

Thank you from the Creative Memories Home Office Team