Abe's of Maine files for Bankruptcy!

[Canon 14-24]

I am not surprised this business is filing for bankruptcy with all the negative reviews it's been getting from Yelp (which their VP regularly moderates and removes 1 star reviews), and from reseller ratings.

I figured I would post this here as CanonRumors.com utilizes them in the price comparison watch, honestly they just aren't worth to deal with - heads up to all.

http://www.twice.com/articletype/news/abe%E2%80%99s-maine-files-chapter-11/103879

 

[jdramirez]

I've never bought from Abe's... but I can't say that I'm surprised.

 

[jdramirez]

Any chance they are going to have some crazy clearance deals... which might actually be worth risking the potential headache.

 

[revup67]

I've had nothing but fantastic contact with them. they beat everyone's price, offered a free HQ Hoya Pro UV filter on my last lens purchase Canon 200mm F 2.8 L, bought a TV from them Samsung Widescreen..superb service as well. Nothing has ever failed, no delayed shipments..etc..sorry to see them go

 

[focus]

Abe's of Maine is still open for business. The bankruptcy filing is for business restructuring and debt protection.

 

[Mt Spokane Photography]

Its mostly fallout due to the greatly reduced purchases of luxury items. Everyone has been hit by it, and, if the economy continues to get worse, we may see more of this.
Many stores have been barely hanging on.
A Chapter 11 reorganization does not mean that they will go away, it merely lets them clear their debts and contracts. This can attract new investors if they see a possible return. However, in times like this, investors are very careful.
Abe’s largest creditors and the amounts owed them include the distributor Wynit, $531,905; Pentax, $321,020; Warrentech, $215,893; D&H Distributing, $200,453; Nikon, $189,187; and KitchenAid (Whirlpool), $123,407.