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Old February 23rd, 2009, 02:12 PM   #1
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Ritz Camera seeks bankruptcy protection

While of marginal interest to this forum:

Quote:
The list of its top 30 unsecured creditors is led by Nikon Inc. and Canon USA Inc., which are owed a combined $40 million in trade debt.


Ritz Camera seeks bankruptcy protection - BusinessWeek
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Old February 23rd, 2009, 02:55 PM   #2
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While I didn't like Ritz Camera, I hate to see another brick & mortar go.
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Old February 23rd, 2009, 06:24 PM   #3
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Originally Posted by Jeff Kellam View Post
While I didn't like Ritz Camera, I hate to see another brick & mortar go.
One year-end of lower retail sales and they pop? That's not really a business.
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Old February 23rd, 2009, 08:35 PM   #4
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Well, it IS chapter 11, so they are attempting to reorganize/renegotiate their debt, we already know how that worked out for "the City"...

And in the current world economy, this is no big surprise - credit has dried up, and if you've run on rotating credit as most businesses have, the "music has stopped". Almost every business (and probably more individuals than we'd like to think about) are just a minor setback away from the same place, seeking Court protection... and many businesses will probably have to liquidate entirely before this is all over.

I'd imagine that their "boat" division dried up, possibly entirely, and then you add in the rest of the economic mess unfolding before our eyes, and this will probably be a common headline/story this year.
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Old March 2nd, 2009, 02:59 PM   #5
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From what I understand, ritzcamera.com is a separate entity (part of Ritz Interactive), and is doing well.

RitzCamera.com is NOT Filing Bankruptcy Photography Bay | Digital Camera Reviews, News and Resources

I guess online business IS doing great. It beats driving to the store and fighting crowds, plus getting discounts.

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