Scrapbooking companies have been falling like dominoes lately, as four well-known companies have shut down, filed for bankruptcy (or both) since early December.
California-based GCD Studios filed for Chapter 7 (liquidation) bankruptcy in early December, listing assets of less than $2,000 and debts of over $2 million. The company ceased operations in late 2013, listing no profits for 2013 and a little over $300k for 2012. The vast majority of GCD’s debt is to investors, including owner/president Michael Rountree.
In it’s heyday, GCD boasted ground-breaking lines from industry luminaries like Melody Ross, Heidi Sonboul, Kathy Davis, and Donna Salazar, and was one of the first companies to try to bring the concept of mixed media to the masses in the scrapbook segment through lines like Ross’s Chip Art. Sonboul has now launched her own company at the CHA show in January, and Salazar continues to build her licensed line through other companies. Ross appears to be focusing on her retreat business for the moment. Continue Reading →