Creative Memories' parent company, The Antioch Company, LLC, filed a petition for Chapter 11 bankruptcy protection for the second time since 2008 and laid off about 30 percent of its workforce on Tuesday. Seventy employees were laid off, primarily at the company's St. Cloud, Minnesota location. According to the bankruptcy filing, Creative Memories has between $10 million and $50 million in assets with liabilities in the same range, and between 10,001 and 25,000 creditors, three of whom are owed more than $1 million. The largest claim is for more than $1.25 million by an individual from Florida.

The company expects its reorganization process will take about six months, after which it will emerge from bankruptcy if given court approval. Founded in 1987, Creative Memories had more than 55,000 sales consultants by 2008, dropping to around 20,000 consultants today.

Marnie Beltz, Creative Memories' spokesperson, released a statement reading in part, 'We believe this action will allow us to make the changes necessary to return the company to long-term success in the direct-selling marketplace. 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.'