Ritz Camera

February 23, 2009 (Summary)

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 camera-store chain won court approval for $85 million in financing from its existing secured lenders while it reorganizes.

According to Reuters, 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.

Sources and Related Links

• Ritz Camera Centers Wins Approval of $85 Million Loan
• Ritz Camera files for Chapter 11 bankruptcy

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