Bankruptcy

Ritz Camera/Wolf Camera Give Up On Reorganization And Will Close And Sell All Stores

By Scott Riddle

The Atlanta Business Chronicle is reporting that Ritz Camera, which operates as Wolf Camera in many locations (incl. Georgia), is giving up its reorganization efforts and will try to sell all remaining locations.  Click here for the article by Barton Eckert.

From the article:

In a court filing, Ritz Camera reported it is talking with two potential bidders, although neither has been willing to sign a contract. The company is hopeful at least some of the remaining 400 photo stores will be sold to a going-concern buyer. The other 400 stores already have been closed in going-out-of-business sales...

Ritz Camera also owned Boater's World, a boating-and-fishing supply retailer. The bankruptcy court judge gave Ritz Camera permission on March 19 to hire Gordon Brothers to shut down the company's 130-store Boater's World chain... Its retail brands today include Wolf Camera, Kits Cameras, Inkley's and The Camera Shop.

Coincidentally, I stopped in the local Wolf Camera yesterday to take a look at two Canon lenses, and they did not have either in stock.  They did go through the effort to "check the system" to see when they might have them available, but I thought it was unusual they asked for no contact information to let me know what it arrived.  I probably do not need to check back in 1-3 weeks as suggested.  Unfortunately, Showcase, Inc., the other store in the area, also was out of stock for both so Amazon.com was the answer.

Full post as published by Georgia Bankruptcy Blog on July 09, 2009 (boomark / email).