Ritz Camera Centers Inc., the largest camera-store chain in the U.S., filed for bankruptcy protection, blaming the deepening U.S. recession and the consumer transition to digital photography.
You can’t say that they haven’t tried hard, I get emails from them every few days and there have been some very interesting deals and coupons from them this part year.
More information after the jump.
The 91-year-old company, which had sales of almost $1 billion in 2008, has both assets and debt of less than $500 million, according to Chapter 11 papers filed yesterday in U.S. Bankruptcy Court in Wilmington, Delaware. Ritz sought court permission to tap a new $85 million loan from existing secured lenders.
Ritz has about 800 locations in more than 40 states, including the Ritz Camera chain, Wolf Camera, Kits Cameras, Inkley’s and the Camera Shops. The Beltsville, Maryland-based company suffered from a drop in photo printing, as well as slumping sales at its 130 Boater’s World Marine Centers, which were hurt by last year’s record oil prices, court papers show.
Ritz camera stores and RitzOnline.com are not the same companies and the online store is doing fine.