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Ritz Camera

Ritz to sell or liquidate photo shops

Thu, 07/09/2009 - 21:47 by Inderjit Singh

Wilmington -- Struggling U.S. photo chain Ritz Camera said it was willing to auction off its 370 remaining stores or liquidate the company by July 24.

Papers filed in the U.S. Bankruptcy Court in Delaware said there were two potential buyers for the business. If no deals were signed at a July 20 auction, however, the company would move to liquidate to avoid $3 million in rent due in September, The Washington Post reported Thursday.

The chain, which has already eliminated 400 outlets, is a victim of the digital age, analysts said.

With traffic in malls down and digital cameras taking business from traditional film, the chance of a viable deal to save the company is questionable, the newspaper said.

Ritz Camera to close three Triangle stores

Sun, 04/05/2009 - 13:33 by Neka Sehgal

Raleigh, April 4: Ritz Camera Centers Inc, the parent company of Wolf Camera, is yet another victim of tough economic times. Under a bankruptcy restructuring plan, the chain will close 300 of its 700 retail outlets.

Ritz Camera to begin liquidation

Sat, 04/04/2009 - 20:17 by Shruti Sharma

Beltsville, Md. -- Ritz Camera was to began liquidation sales Saturday ahead of closing more than 300 stores in the United States, say company officials.

The sales were to occur at Ritz stores and affiliate stores Proex, Wolf and Kit Camera as part of a court-supervised bankruptcy reorganization, CNet reported, noting the company plans to keep another 400 stores operating under Chapter 11 bankruptcy protection.

Ritz Camera, based in Beltsville, Md., filed for bankruptcy protection in February after growing to a chain of more than 800 stores since its start as a single store in Atlantic City, N.J. in 1918, The Star Tribune of Minnesota reported Saturday.

Copyright 2009 by United Press International.