Calumet Photo has nine locations in the US, but no presence in DC whatsoever.
Along with E Street, it seems the Rockville and Tyson's Corner locations will be salvaged. According to Westcott, current employees of Penn Camera were invited to apply to what will be the new Calumet Photo.
No word on whether or not there will be a long transition period, or if the Penn Camera location will close at all while the new owners reformat. We'll keep an eye on it.
4:15PM UPDATE: The store will continue to operate under the name Penn Camera.