Source: Npros 4/14/2010

Creative Memories Leader Asha Morgan Resigns

Creative Memories leader Asha Morgan stepped down from her leadership role in the company according to an April 7 article in the St. Cloud Times. The Morgan family founded The Antioch Company, the parent company of Creative Memories, in 1926 and has held a leadership position since that time. Lee Morgan, who retired in 2008 and is the father of Ms. Morgan, was the president and CEO of the company prior to Ms. Morgan.

With facilities in St. Cloud and Yellow Springs, Creative Memories became a large, world renowned direct-sales supplier of scrapbooking materials in a short time. The Antioch Company for many years produced bookplates, which made the Creative Memories division a solid investment for them in the 1980s.

The company filed for Chapter 11 bankruptcy protection in 2008 however, amid overleveraging and the rise of digital photography and subsequent attempts at avoiding financial ruin. While The Antioch Company recovered somewhat from the setback in 2009, employees and former employees lost nearly $80 million in retirement monies, many of whom have filed lawsuits against the leaders of the company, who they allege benefitted from the situation.

The new leader, Chris Veit, formerly Chief Operating Officer, was chosen by the board of directors; which contains a majority of the company's senior lending banks. Mr. Veit has been with the company for approximately one year.

Asha Morgan declined an offer of a different position within the company, opting to relax with her family for awhile before deciding upon future plans.

View Creative Memories Review

Related News

  • Ahni and Zoe to Close
    Ahni & Zoe will close its direct selling business later this month in the U.S. and Canada. Ahni & Zoe reached an agreement with Flowerdale Group Limited of Hong Kong to sell the assets of Antioch Liquidating Trust (formerly Creative Memories) and Ahni & Zoe. Anhi & Zoe, which is how Creative M...  Read More...
  • Creative Memories Co-Founder Steps Down
    February 25,2014 -- Rhonda Anderson, a co-founder of Creative Memories, recently resigned from Ahni & Zoe by Creative Memories. Anderson and Cheryl Lightle co-founded Creative Memories in 1987. (Lightle resigned in 2004). Creative Memories helped popularize scrapbooking and at one time had more t...  Read More...
  • Creative Memories Reorganization Plan to be Approved
    During a hearing in U.S. Bankruptcy Court in St. Paul last week, the judge said she intends to approve Creative Memories' Plan of Reorganization. The company plans to emerge from bankruptcy by the end of the year as Ahni & Zoe, a direct sales company with a similar but simplified product line. Creat...  Read More...
  • Creative Memories Layoffs Continue
    Creative Memories has laid off 35 more employees at its Minnesota headquarters. The company filed for Chapter 11 bankruptcy protection in April and laid off 72 employees at that time.The company has come up with a plan to emerge from bankruptcy that includes rebranding itself with a new name -- A...  Read More...

 

Creative Memories News Archive

New Companies on Npros

Receive News and
Updates from Npros.com

 Send me news updates
 Send me New Companies

RSS Npros News Feed