Ritz Camera Going Out of Business

For the 300+ stores that are closing, more than $50 million worth of merchandise will be liquidated starting this Saturday, April 4. Ritz Camera says the sales will continue “until everything is sold to the bare walls.”

Will the deals top what we saw at Circuit City’s closing sales earlier this year? Hard to say. Ritz promises “greatly reduced prices,” but only the numbers will actually tell.

Ritz Camera: Stores Closing

The following is a full list of which Ritz Camera stores will go out of business and begin immediate liquidation (click the magnifying glass to enlarge the text):

Ritz Camera Liquidation: Which Stores Will Go? is a post from: The Inquisitr

Ritz Camera Bankruptcy

Ritz Camera’s bankruptcy filing comes as creditors seek money from the chain, published reports indicate. As much as $65 million is documented as being owed. Ritz Camera’s bankruptcy papers report assets and debt of $500 million each. Slumping sales and an overall drop in consumer spending are blamed for the downfall.

The largest creditors named in Ritz Camera’s bankruptcy documents are Nikon (owed $26.6 million), Canon (owned $13.7 million), and Fuji Photo Film (owned $8.4 million).

Ritz–based out of Beltsville, Maryland–has more than 1000 stores across the U.S., with locations in 45 states. It also operates a boating supply business, Boater’s World, which is included within the Ritz Camera bankruptcy filing. Ritz says that business was experiencing a sharp drop in sales as well, made worse by high gas prices over the past months.

Ritz had acquired the nation’s then-second largest camera store chain about eight years ago. The company bought Wolf Camera after it declared bankruptcy in 2001.

What Drove Ritz Camera To Bankruptcy? is a post from: The Inquisitr