There were two more big announcements on the retailer bankruptcy and closure front in recent days. Ritz Camera will auction its 400 remaining stores and liquidation is a distinct possibility.
Ritz's store count had been a bit vague. Previously, I had it down has operating about 1,000 stores before its bankruptcy. But the number seems to be 800.
The company said it had "determined for a number of reasons that a plan to exit bankruptcy as a stand-alone going concern business is not a likely option," according to documents filed Tuesday in federal bankruptcy court in Delaware.
The documents said there are two potential bidders that may continue to operate the company's Ritz Camera, Wolf Camera, Kits Cameras, Inkley's and The Camera Shop stores. But the documents contain several provisions, such as waivers of state and local requirements applying to liquidation sales, that would clear the way for an immediate going out of business sale.
Meanwhile, reportedly headed for Chapter 11 bankruptcy protection. It has closed five stores already and is planning on shutting 10 more.grocer Basha's, which operated about 163 stores earlier this year, is
Numbers below have been updated to include revised store count for Ritz.
Bankruptcies and Liquidations:
- Jan. 7, Goody's liquidates, closing 287 stores
- Jan. 8, Against All Odds files for bankruptcy protection, operates 64 stores overall, plans to close West Coast stores
- Jan. 13, Shane Co. files for bankruptcy, operates 23 stores
- Jan. 14, Gottschalks files for bankruptcy, operates 58 stores, Update: March 31, Gottschalks will liquidate
- Jan. 16, Circuit City to Liquidate, closing 567 stores
- Feb. 6, Fortunoff, operates 20 stores
- Feb. 6, Bruno's, operates 66 stores
- Feb. 12, S&K Famous Brands, operates 136 stores; Update: Feb. 19, plans to close 30. Update: May 26, plans to close rest.
- Feb. 17, Innovation Luggage, operates 10 stores
- Feb. 23, Ritz Camera, operates about 800 stores; Update, April 6, closing 300 camera stores and 120 Boater's World stores, Update, July 13, Liquidation possible
- March 6, Joe's Sports & Outdoor, operates 30 stores
- March 25, Bi-Lo, operates 215 stores
- April 13, Z Gallerie, operates 56 stores
- April 13, Ultra Stores, operates 181 stores
- May 5, Filene's Basement, operates 25 stores, sold 17 Update: Syms and Vornado buy the chain.
- May 28, Anchor Blue, operates 177 stores, closing 50
- May 29, Oilily, operates 33 stores, closed 8
- June 17, Eddie Bauer, operates 371 stores
- July 2, Crabtree & Evelyn, operates 126 stores
- July 13, Basha's, operated 163 stores, closed 5, closing 10 more
Potential Bankruptcies & Liquidation Impact: 1,541 confirmed closures out of about 3,185 stores
- Jan. 8, New York & Co., 50 stores
- Jan. 8, Macy's, 11 stores
- Jan. 9, Supervalu, 50 stores
- Jan. 13, Cost Plus, 26 stores
- Jan. 20, Yankee Candle, 28 Illuminations stores
- Jan. 21, Filene's Basement, 11 stores
- Jan. 22, Phillips-Van Heusen, 175 stores
- Jan 22, Brown Shoe, up to 35 Famous Footwear stores
- Jan. 26, Home Depot, 48 stores
- Jan. 29, Starbucks, 200 U.S. Stores (plus 100 )
- Jan. 29, Chico's, up to 25 stores
- Feb. 9, Talbots, 20 stores
- Feb. 24, Jimmy'Z, 11 stores
- Feb. 24, Z. Gallerie, 25 stores
- Feb. 25, Zale Corp., 115 stores
- Feb. 26, Gap, 50 net closings
- Feb. 27, Sears, 44 stores
- March 3, Virgin Megastores, 6 stores
- March 6, Ann Taylor, 37 stores in 2009, 163 total by end of 2010
- March 18, Drug Fair, 11 stores
- March 23, Pier 1, 80 stores
- April 3, Rite Aid, 117 stores
- April 21, Kirkland's, up to 40 stores
- April 29, Jones Apparel Group, 225 stores
- June 8, J.Jill, 75 stores
- June 16, Ruehl, 29 stores
- July 9, Smith & Hawken, 56 stores
Total Closings: up to 1,600 U.S. stores
Potential Impact of All Announcements to Date: 3,141 closures out of up to 4,985 potentially affected U.S. stores