St. Cloud-based Creative Memories has filed a petition for Chapter 11 bankruptcy protection, the Times reports. The scrapbooking company also laid off 72 employees at its central Minnesota headquarters -- 30 percent of its workforce.
"We are as passionate as ever about our mission, and we plan to emerge as a more nimble business, focused on a strategic set of core offerings that help families tell their stories and celebrate their lives through photos," the company said in a statement on its website.
The newspaper notes Creative Memories, which is owned by Ohio-based Antioch Company, was also part of a bankruptcy filing in November 2008.
The Business Journal notes Chris Veit remains the chief executive officer of Creative Memories -- which recently celebrated its 25th anniversary.