Winter Harbor LLC

The Picture People

National Photography Operator Completes Section 363 Sale


The Picture People is a premier operator of professional photographic portrait studios specializing in in-studio family portraits, children’s portraits, and special occasion photography. In addition to providing photography services, the Company provides on-location, same-day photo processing and printing, framing, and other related services. The Picture People operates 147 photo studios in 30 states, with $100 million annual revenue.

Our Role

Winter Harbor served as Chief Restructuring Office to The Picture People. In detail, our professionals:

  • Performed a comprehensive review and assessment of the company’s business and financial plan.

  • Developed a strategic restructuring plan and a business plan.

  • Prepared the company for a bankruptcy filing and managed it through a bankruptcy process including arranging DIP financing.

  • Reported weekly cash flows in relation to the projections and submitted to the lender during the DIP period.

  • Performed a vendor rationalization and led payment plan negotiations with critical vendors on the Company's behalf.

  • Led a successful asset-sale process in bankruptcy.

Engagement Outcome

Winter Harbor served as Chief Restructuring Officer and successfully led all restructuring efforts. Our professionals oversaw the Section 363 bankruptcy sale of The Picture People. As a function of CRO, we performed the necessary due diligence to be presented to potential bidders, in advance of The Picture People’s bankruptcy filing. To avoid delays in the purchase process, we worked with the stalking horse bidder to establish the floor purchase price, and to assist with negotiations of asset purchases.