Creative Memories parent files for Chap. 11

[DVieau2]

This company created the scrapbooking business as we know it.

http://www.marketwatch.com/news/story/Creative-Memories-Announces-Agreement-Restructure/story.aspx?guid={5AD9BA0A-3A79-4EA3-B790-CBEB4541C7B5}

Doug

[Kirstie]

This does not surprise me. I think CM is worthwhile MLM, and I have some scrap booking customers, but the competition from the bbs and also independent retail outlets is huge. At one time CM was the only company to offer acid-free materials, but now you can buy them everywhere. Moreover, CM has a monthly $100 purchasing requirement for its distributors, or they have to drop out. I have a friend who is stuck with a room full of product when she had to quit because she could not afford the buying requirement. Most network marketing companies, such as NuSkin and others, have abandoned that idea and will allow casual wholesale buyers. I think CM's good is cooked.

At PMA the scrap book area was tiny.