Ritz Camera files chapter 11

Photohog · 02-23-2009, 11:41 AM

I didn't know if anyone else saw this:

Ritz Camera files for Chapter 11 bankruptcy
08:39 AM PST on Monday, February 23, 2009
Associated Press

DOVER, Del. - Ritz Camera Centers, the nation's largest retail photography chain, has filed for Chapter 11 protection from creditors.

Editor's note: Ritz Camera Centers also owns Kits Camera, which has locations throughout the Pacific Northwest.

The Beltsville, Md.-based company submitted its filing on Sunday in federal bankruptcy court in Delaware.

The company said revenue from its profitable photofinishing business have declined significantly with the shift from film to digital cameras. It also said 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.

The company listed assets and liabilities at between $100 million and $500 million. The list of creditors is led by Nikon Inc. and Canon USA Inc., which are owed a combined $40 million in trade debt.

Source: Ritz Camera files for Chapter 11 bankruptcy | Business | KING5.com | News for Seattle, Washington

jezterr · 02-23-2009, 12:02 PM

's what you get for charging a ton more than everyone else does.

no one wants to buy from you what they can get for way less next door.

beansbaxter · 02-24-2009, 09:16 AM

dang!

I used to work for Ritz before I was in college, well it was Kits Cameras until they got bought out.

I'm surprised that most of these camera stores stay in business with the high prices they charge, granted most of the people that buy from there are the newbie camera people who just want a point and shoot simple camera out of the box package not knowing they still spent five times too much (sigh).

MotoPhotog · 02-24-2009, 12:59 PM

Quote:

Originally Posted by jezterr

's what you get for charging a ton more than everyone else does.

no one wants to buy from you what they can get for way less next door.

yup. to the T

Bill · 02-26-2009, 10:38 PM

It is interesting that Nikon would increase their prices, when stores like Ritz are going out of business, and the economy is tanking????

02-23-2009, 11:41 AM	#1
Photohog Senior Member Join Date: Apr 2008 Location: North Bend Posts: 213 My Camera: is brand new	Ritz Camera files chapter 11 I didn't know if anyone else saw this: Ritz Camera files for Chapter 11 bankruptcy 08:39 AM PST on Monday, February 23, 2009 Associated Press DOVER, Del. - Ritz Camera Centers, the nation's largest retail photography chain, has filed for Chapter 11 protection from creditors. Editor's note: Ritz Camera Centers also owns Kits Camera, which has locations throughout the Pacific Northwest. The Beltsville, Md.-based company submitted its filing on Sunday in federal bankruptcy court in Delaware. The company said revenue from its profitable photofinishing business have declined significantly with the shift from film to digital cameras. It also said 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. The company listed assets and liabilities at between $100 million and $500 million. The list of creditors is led by Nikon Inc. and Canon USA Inc., which are owed a combined $40 million in trade debt. Source: Ritz Camera files for Chapter 11 bankruptcy \| Business \| KING5.com \| News for Seattle, Washington

02-23-2009, 12:02 PM	#2
jezterr Moderator Join Date: Mar 2008 Location: a cesspit. Posts: 854 My Camera: disposable	's what you get for charging a ton more than everyone else does. no one wants to buy from you what they can get for way less next door. __________________ photos.juniormonkey.com \| www.juniormonkey.com

02-24-2009, 09:16 AM	#3
beansbaxter motorcycle rider Join Date: Mar 2008 Location: Seattle, WA Posts: 628 My Camera: Nikon D700	dang! I used to work for Ritz before I was in college, well it was Kits Cameras until they got bought out. I'm surprised that most of these camera stores stay in business with the high prices they charge, granted most of the people that buy from there are the newbie camera people who just want a point and shoot simple camera out of the box package not knowing they still spent five times too much (sigh). __________________ Follow me on Twitter and Facebook “The camera’s only job is to get out of the way of making photographs.” -- Ken Rockwell

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02-26-2009, 10:38 PM	#5
Bill Member Join Date: Feb 2009 Location: monroe wa Posts: 44 My Camera: Nikon D300 - D3	It is interesting that Nikon would increase their prices, when stores like Ritz are going out of business, and the economy is tanking????