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  1. #1
    Join Date
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    Ritz Camera files for bankruptcy, Nikon unsecured creditor at $26 Million

    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: Quote, Profile, Research), with a $26.6 million claim, and Canon USA Inc (7751.T: Quote, Profile, Research), with a $13.7 million claim, the bankruptcy petition shows. (Reporting by Jonathan Stempel; Editing by Steve Orlofsky)

    http://uk.reuters.com/article/market...32434320090223

  2. #2
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    Mar 2007
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    Whoa. Saw that coming.
    Nikon D40 + kit lens

    Nikkor 50mm f/1.8 D AF(...or not)

  3. #3
    Join Date
    Aug 2007
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    Let me be one to ring the bell.

    This is the first of many to come.
    Nikon D90 : Nikkor 80-200mm f2.8 AF : Nikkor 18-55mm AF-S DX : Nikkor 50mm 1.8 AF : 2x SB900 : Nikkor 35mm 1.8 AF-S : Total Noob : Tips Appreciated! Flickr! Blog!

  4. #4
    Join Date
    Oct 2008
    Location
    Raleigh, NC, USA
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    788

    Talking

    Quote Originally Posted by N.C.F. View Post
    Let me be one to ring the bell.

    This is the first of many to come.
    Not the first.... Linen's in Things (already liquidated) and Circuit City (in the middle/end of liquidation) are already gone. I also recently realized when I went shopping for my wife's third anniversary present, that Wilson's Leather is gone, just outlets now. And probably plenty of smaller/local companies I haven't heard about.

    They aren't going away yet, just bankruptcy, but in this market it is extremely hard to get out of it. Sounds like the boat chain is causing the most greif, they should dump that first, then make the Ritz/Wolf/etc stores not suck so much. I hold exclusive rights to the above, highly detailed and thought out business plan, btw.
    Jason Hamilton
    Selective Frame

    EOS 5D - Canon EF 24-85mm f/3.5-4.5 USM, EF 35 f/2, EF 50mm f/1.8 Mk II, EF 70-210 f/3.5-4.5 USM, EF 85mm f/1.8 USM, EF 100mm f/2.8 Macro, Helios 44-2 58mm f/2 (with EOS adapter), 430EX, Canon S90
    Nikon FE - Nikkor 35mm f/2 AI'd, Nikkor 50mm f/1.8 AI, Nikkor 105mm f/2.5 AI, F to EF adapter, 2xVivitar 285, other lighting stuff
    Mamiya C220 - 80mm f/2.8

    Gear List flickr

  5. #5
    Join Date
    Aug 2007
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    Quote Originally Posted by laydros View Post
    Not the first.... Linen's in Things (already liquidated) and Circuit City (in the middle/end of liquidation) are already gone.
    I meant specifically in the Photography industry. I am full aware of the already defunct stores. In fact, I'm a former employee of one and have many friends out of a job now.

    Luckily my current job seems... relatively safe.
    Nikon D90 : Nikkor 80-200mm f2.8 AF : Nikkor 18-55mm AF-S DX : Nikkor 50mm 1.8 AF : 2x SB900 : Nikkor 35mm 1.8 AF-S : Total Noob : Tips Appreciated! Flickr! Blog!

  6. #6
    Join Date
    Oct 2008
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    Quote Originally Posted by N.C.F. View Post
    I meant specifically in the Photography industry. I am full aware of the already defunct stores. In fact, I'm a former employee of one and have many friends out of a job now.

    Luckily my current job seems... relatively safe.
    Gotcha. It's terrible. I am currently at IBM and today was the last day for a fairly large percentage of our workforce. I am involved in a product that is doing extremely well, and even we had to drop 4 throughout our (in IBM terms) small organization.
    Jason Hamilton
    Selective Frame

    EOS 5D - Canon EF 24-85mm f/3.5-4.5 USM, EF 35 f/2, EF 50mm f/1.8 Mk II, EF 70-210 f/3.5-4.5 USM, EF 85mm f/1.8 USM, EF 100mm f/2.8 Macro, Helios 44-2 58mm f/2 (with EOS adapter), 430EX, Canon S90
    Nikon FE - Nikkor 35mm f/2 AI'd, Nikkor 50mm f/1.8 AI, Nikkor 105mm f/2.5 AI, F to EF adapter, 2xVivitar 285, other lighting stuff
    Mamiya C220 - 80mm f/2.8

    Gear List flickr

  7. #7
    Join Date
    Mar 2007
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    1,923
    The backbone of Ritz camera was definitely "disposable income". They didn't make their cash by selling to the pros, that was obvious from the fact that 90% of the lenses they regularly stocked were consumer zooms. They were riding a balloon animal to begin with.
    Nikon D40 + kit lens

    Nikkor 50mm f/1.8 D AF(...or not)

  8. #8
    Join Date
    Mar 2007
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    It is bad though, definitely. I lost one of my jobs, and the other part-time one is slim pickin's indeed. No cash for camera gear, that's for damn sure.
    Nikon D40 + kit lens

    Nikkor 50mm f/1.8 D AF(...or not)

  9. #9
    Join Date
    Jan 2008
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    Terra Australis Incognita
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    I guess Nikon are 1 less employee too.
    $26M, I wonder who was really responsible for that exposure.
    D800, D300, D90, 24-70 f2.8, 70-200VR f2.8, 300 F4, 105 micro, 16-85VR, 50mm 1.8, Tammy 90 macro, 70-300VR, SB900, 2xSB600, MB-D10, 055XPROB 322RC2. New computers to run photoshop faster. C&C always appreciated. PhotoGallery
    Pressing the shutter is the start of the process - Joe McNally ... Buying the body is the start of the process - Dread Pirate

  10. #10
    Join Date
    Aug 2005
    Posts
    6,931
    More than likely they would have debt insurance for that sort of exposure.

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