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keith
23-02-2009, 12:53 PM
Sad about this one. I always spend a bit of time in the Florida Mall Ritz Cameras but it's a sign of the times. I'm not wholly convinced jessops in the UK will last either


NEW YORK, Feb 23 (Reuters) - 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 such names as 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.

He said this came after the recession caused Ritz's 2008 holiday sales to be "materially lower" than a year earlier. Ritz was also hurt by losses at Boater's World, which suffered falling sales in 2008 as gas prices soared.

"The loss of revenues and profit margins from the diminution in the photo-finishing business proved too much of a burden, coupled with the losses experienced by the Boater's World business in 2008," he wrote.

Ritz said it will seek court permission to obtain $85 million of financing to keep operating while it restructures.

Among the largest unsecured creditors are Nikon Inc (7731.T), with a $26.6 million claim, and Canon USA Inc (7751.T), with a $13.7 million claim, the bankruptcy petition shows. (Reporting by Jonathan Stempel; Editing by Steve Orlofsky)

Wendy
23-02-2009, 01:12 PM
:( Oh dear Chris won't be happy :sigh: He's another one that uses Ritz on a regular basis.

Johnie
23-02-2009, 01:23 PM
I'm sad but not surprised. I swear Wal-Mart is the only store that's going to get out of this alive. No one can beat their prices.

Taja
23-02-2009, 01:31 PM
:( Let's hope they can reorganize and remain in business. Almost any business geared toward non-essentials--and particularly expensive non-essentials--is seriously hurting these days.

catrancher
23-02-2009, 01:45 PM
It is a shame, but at least to me it's no surprise. I've always felt that Ritz (and formerly Wolf) was too over priced. Granted, part of it's no doubt due to the retail presence they've had to maintain. But, if I'm looking for photographic equipment, I almost always use B&H (http://www.bhphotovideo.com:80/) rather than the mall stores. For the most part, their prices are better, they've got a very complete selection, and I've always gotten prompt service from them.

Of course, that's my opinion. Your mileage may vary. :laugh2:

Tom (wants a D90 he does!)

keith
23-02-2009, 01:49 PM
yep B&H have always been great price wise its true although harder for us International visitors to order from

The D90 video mode is nice :D

catrancher
23-02-2009, 01:56 PM
The D90 video mode is nice :D

Ahhh... video, yes.... but the display (http://www.nikonusa.com/Assets/Digital-SLR/25446-Nikon-D90/Views/25446_D90_back.jpg)!
Positively huge compared to my D70!

Tom (hmm... high def, wide screen camera... right!)

keith
23-02-2009, 01:57 PM
Ahhh... video, yes.... but the display (http://www.nikonusa.com/Assets/Digital-SLR/25446-Nikon-D90/Views/25446_D90_back.jpg)!
Positively huge compared to my D70!

Tom (hmm... high def, wide screen camera... right!)

ah well you see those of us with D3 and D3x already benefit from those nice large displays :D

catrancher
23-02-2009, 01:59 PM
ah well you see those of us with D3 and D3x already benefit from those nice large displays :D

Oh.... gorsh! I feel so... what's the word.... inferior! :thud:

Tom (of the inferior display... sigh!)

foreverducky
23-02-2009, 02:00 PM
I like Ritz due the fact I can walk in and touch things, try them out, but honestly their prices are not the best.

I have bought several things from B&H. :)

keith
23-02-2009, 02:03 PM
Oh.... gorsh! I feel so... what's the word.... inferior! :thud:

Tom (of the inferior display... sigh!)

:taunt:

the D90 does look really good although I'm an FX guy myself so would rather the D700

uscwest
23-02-2009, 02:15 PM
Donna uses Ritz a lot.

catrancher
23-02-2009, 02:17 PM
I'm an FX guy myself so would rather the D700

But for 1/3rd the price, I can live with the DX sensor! :bounce2:

Tom (smaller is... well... cheaper)

keith
23-02-2009, 02:22 PM
But for 1/3rd the price, I can live with the DX sensor! :bounce2:

Tom (smaller is... well... cheaper)

you're not wrong.... smaller is also lighter and easier to pack/lug around the parks so yep, I know where you're coming from.

I like shallow arty depth of field so FX all the way for pretentious old me :lol:

malcolm
23-02-2009, 06:58 PM
I am off out next Monday and hope they stay open for my usual browse arround....