| seeric |
02-24-2009 12:52 PM |
Ritz Cameras and Accessories. Goodbye. Well not goodbye, but...
Goodbye.
The fall of retail is well underway. Ritz Camera and Accessories yesterday filed for protection under U.S. Bankruptcy law.
There are many more behind them. Westfield Shopping Malls has also begun operations to try and avoid bankruptcy proceedings. Shortening store hours, etc.
It's about to get really ugly going into summer when retail slumps anyhow.
http://www.businessweek.com/ap/finan.../D96HEULG0.htm
The Beltsville, Md.-based company submitted its filing Sunday in federal bankruptcy court in Wilmington, estimating assets and liabilities at between $100 million and $500 million. 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.
The company said revenue from its profitable photofinishing business has declined significantly with the shift from film to digital cameras, and that 2008 holiday sales were "materially lower" than prior year sales. It also said23 an increase in gasoline prices, along with other economic factors, led to a sharp drop in sales in its Boater's World recreational marine business last year.
Ritz has about 800 photo stores in 40 states, operating as Ritz Camera, Wolf Camera, Kits Cameras, Inkley's and The Camera Shops. It also operates 130 Boater's World stores. The company, which has about 6,400 employees nationwide, recorded sales of just under $1 billion last year.
(continued on source site) |
