Ritz Camera, the largest US retail photography chain, has filed for Chapter 11 bankruptcy protection.
It’s not the first one, but the size of it is impressive: 800 photo stores in 40 states, operating as Ritz Camera, Wolf Camera, Kits Cameras, Inkley’s and The Camera Shops going MIA… Nikon and Canon are clearly at the top of the list of unsecured creditors with a total liability of 40 millions USD.
However, it should not lead to immediate closure of most of the stores. But a serious reorganization is on its way (financial managers tend to describe such Chapter 11 filing as a “normal business operation”, which may sometimes be true).
Important note: Ritz Interactive, Inc, the owner of websites like RitzCamera.com, WolfCamera.com, BoatersWorld.com, is not included in this shakedown. It should normally not have any impact on these, but troubled customers could be frightened by these changes. Theoretically, they should not…