Wolf Camera - files for Chapter 11 bankruptcy - Brief Article

DSN Retailing Today, August 20, 2001

Privately-held Wolf Camera filed for Chapter 11 in June. Chuck Wolf, founder and ceo of the Atlanta-based company, said post-filing financing has already been secured and the goal is to reorganize. "The reality is we have been unable to digest our 1998 acquisition of Fox Photo, and we believe the Chapter 11 process will provide us with the best opportunity to implement our strategic reorganization plan and return the business to profitability," said Wolf. "The Fox Photo acquisition was a mistake, and I take full responsibility for the decision and for moving our company forward starting today."

Also, the company announced the promotion of Ted de Buhr to president and coo. Wolf, who previously served as president, continues as chairman and ceo.