40% Ritz Camera Closing starts Saturday over Bankruptcy Reorganization.
Ritz Camera Centers Inc has announced that it will close over 300 stores or 40% of its total stores in a court-supervised bankruptcy reorganization.
Recently, the nationwide Ritz Camera chain filed for Chapter 11 bankruptcy protection in February.
The company will start liquidating on Saturday, April 4. The move will still leave more than 400 retail locations open around the United States.
The locations that are closing have $50 million in inventory that will be liquidated by the same group of companies that ran the Circuit City liquidations.
The privately-held business began operations in 1918 from a single store in Atlantic City, N.J. following its acquisition of Wolf Camera in 2001.
Ritz Camera is the latest national retailer to contract significantly or close during the recession. Major retailers that have liquidated in recent months include Circuit City, Mervyns, Steve & Barry's, Shoe Pavilion, KB Toys and Linens 'N Things.
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|Publication:||International Business Times - US ed.|
|Article Type:||Brief article|
|Date:||Apr 3, 2009|
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