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Bankruptcy

: Georgia Bankruptcy Blog

Ritz Camera, Owner Of Wolf Camera and Boaters World, Files Chapter 11 Bankruptcy Petition

By Scott Riddle

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Ritz Camera, the owner and operator of Boaters World and Wolf Camera, filed a Chapter 11 petition today in Delaware. Ritz bought Wolf in 2001 after Wolf filed a Chapter 11 in 2000. Wolf had previously purchased Fox Photo. Wolf has several stores in Atlanta, and Boaters World has two locations in Georgia.

From Reuters:

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...

Full post as published by Georgia Bankruptcy Blog on February 23, 2009 (boomark / email).