Another retailer files for Chapter 11. This time its Ritz Camera, which operates about 1,000 locations in 45 states.
Ritz Camera Centers Inc, which said it is the largest U.S. specialty camera and imaging chain, on Monday filed for Chapter 11 bankruptcy protection, hurt by the recession and consumers' shift to digital photography.
The Beltsville, Maryland-based company filed for protection from creditors with the U.S. bankruptcy court in Wilmington, Delaware. Ritz said it has between $100 million and $500 million of both assets and liabilities.
Ritz operates under suchas Ritz Camera, Wolf Camera, Kits Cameras, Inkley's and The Camera Shops, and also operates the 130-store Boater's World Marine Centers chain. It said it had nearly $1 billion of revenue in the year ended Nov. 30, 2008.
In an affidavit, Chief Restructuring Officer Marc Weinsweig said the company's lenders ordered the company in January to boost reserves, thereby reducing available credit.
Bankruptcies and Liquidations:
Potential Bankruptcies & Liquidation Impact: about 2,231 stores
Total Closings: up to 679 U.S. stores
Potential Impact of All Announcements to Date: up to 2,910 U.S. stores