Ritz Camera Files Ch. 11
By Greg Scoblete -- TWICE, 2/23/2009
Wilmington, Del. — Just days before the opening of the PMA trade show, the country’s largest specialty camera chain, Ritz Camera, filed for Chapter 11 bankruptcy protection.
Ritz said it has between $100 million and $500 million of both assets and liabilities in a filing made here, according to reports,
In addition to Ritz Camera stores, the chain owns Wolf Camera, Kits Cameras, Inkleys and the Camera Shops, as well as the Boater’s World chain. The company’s lenders had ordered it to boost reserves, and the company’s boating chain had been hampered by previously rising gas prices, Ritz said in an affidavit. The chain also said it was pinched by a reduction in photo finishing revenues.
Ritz said it will seek court permission to obtain $85 million of financing to keep operating while it restructures.
Ritz Interactive, an e-commerce firm that licenses the Ritz name, has not been impacted by the filing, a spokesman said. “We will continue to work with them as a distributor, but we source through multiple distributors, so we have other options.”
Ritz Cameras was
in TWICE’s Top 100 Retailers of 2008, with 1,100 stores and $580 million in sales last year.
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Boater's World? Talk about diversification (and in the wrong field for this
economy, unfortunately). Those Boater's World stores are huge and
probably selling nothing right now.
Not real fond of Kits or Ritz as camera shops, but then again, there are
few camera stores left that have a wide selection and even slightly knowledgeable people. Based on the latter, I'd like to see them pull out of
this.
Paul Salzman - 2009-1-3 03:00:00 EST -
another one bites the dust ! liquidators are going to busy this year.bye,bye circuit city its been real.
Kenneth Porter - 2009-24-2 21:02:00 EST -
Going to be hard for people selling items that are considered luxury or items that aren't really needed. And online buying is really going to hurt alot of brick and mortor stores. I know that I have bought online over shopping at the local wolf camera. I was looking at a new strap for my camera and a new tripod online I was able to save 30% on the strap and 25% on the the tripod.
Jeremy - 2009-24-2 11:28:00 EST
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