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