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Archive 2012 · Ritz Camera files for bankruptcy protection, again
  
 
henryp
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p.1 #1 · Ritz Camera files for bankruptcy protection, again


Ritz Camera files for bankruptcy protection, again

Henry Posner
B&H Photo-Video



Jun 25, 2012 at 12:27 AM
GC5
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p.1 #2 · Ritz Camera files for bankruptcy protection, again



Is that gloating Henry? You, Adorama and Amazon have sunk them...



Jun 27, 2012 at 09:53 PM
henryp
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p.1 #3 · Ritz Camera files for bankruptcy protection, again


It's news, not gloating and Ritz dug this hole for themselves and didn't need any help to reach this state of affairs. They had debt and overhead and too many small stores in less-than ideal locations.

This is not their first dance with bankruptcy either. They did this in Feb-March 2009 too. At that time they had 800 stores and $54 million in debt. The owner's foray into Boater's World did as much damage as anything else. Readme.

They bought Wolf camera, incurring debt; they bought Camera World of Oregon, once an excellent west-coast retailer, and incurred more.

Henry Posner
henryp@bhphoto.com
B&H Photo-Video



Jun 27, 2012 at 10:05 PM
GC5
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p.1 #4 · Ritz Camera files for bankruptcy protection, again


Just ribbing you.

I completely understand their issues. (I've practiced bankruptcy law for years at a big DC firm.



Jun 27, 2012 at 10:54 PM
 

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Kenj8246
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p.1 #5 · Ritz Camera files for bankruptcy protection, again


My local Ritz has big yellow closing sale signs in the windows. For a small town, College Station TX, the store has a good location but it still didn't help.

Kenny



Jun 29, 2012 at 03:15 PM
henryp
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p.1 #6 · Ritz Camera files for bankruptcy protection, again


IMO what's saddest is not Ritz closing stores, although I understand it means local people are unemployed, a storefront is empty, and local taxes are reduced. IMO what's saddest is Ritz's original arrival may have hastened the demise of locally owned and operated camera stores which couldn't compete. For those who may not know. Wikipedia says College Station has a population of 94,000 and is home to the main campus of Texas A&M University.

Henry Posner
henryp@bhphoto.com
B&H Photo-Video



Jun 29, 2012 at 03:25 PM
borderlight
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p.1 #7 · Ritz Camera files for bankruptcy protection, again


Sad, but not nearly as sad as Kodak. Again, one guy leading a company over a cliff.

I thought there would be some oversight on the first Ritz bankruptcy so this wouldn't be repeated. BTW: From what I understand individuals cannot file a second bankruptcy for eight years. Corporations seem to have their own rules if Ritz refiled three years after the first bankruptcy.



Jun 30, 2012 at 02:30 AM
GC5
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p.1 #8 · Ritz Camera files for bankruptcy protection, again


Individuals can file serial chapter 11s, but not 7s.


Jun 30, 2012 at 12:06 PM





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