Tamrac 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. “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.”