Ritz Camera files for Chapter 11 bankruptcy protection
Ritz Camera, which bills itself as the nation’s largest camera retailer, has apparently filed for Chapter 11 bankruptcy protection in a U.S. District Court in Delaware.
The Maryland-based company says in its filing that it has been plagued by a loss of revenues in its photo-finishing business, as well as by steep declines in revenue from Boater’s World–a chain of fishing and boating supply stores it owns–that stemmed from the dramatic increases in fuel prices during 2008, according to reports by Reuters and Bloomberg.
Ritz states on its Web site that it operates nearly 1,300 stores, including Ritz Camera, Boater’s Word, Kits Camera, Wolf Camera and others.
Ritz, a private company, owes tens of millions of dollars to numerous creditors including Nikon, which it owes $26.6 million, and Canon, which it owes $13.7 million, according to initial news reports. Ritz will reportedly request court permission to seek some $85 million in financing in order to continue operating its stores normally.
Ritz was founded in 1918, but underwent its most significant expansion beginning in 1978, when David Ritz, the company’s current president, took the helm.
Check out the Reuters report on Ritz’ bankruptcy here.
Check out the Bloomberg report on Ritz’ bankruptcy here.
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