The recession of 2009 has claimed another victim.
Ritz Camera has filed for Chapter 11 bankruptcy protection. The chain says the main reason is that sales were much lower than expected during the 2008 holiday season.
Chapter 11 bankruptcy is actually just a reorganization, which means that Ritz Camera will probably be around a while longer. However, they will need to make some changes and they are also waiting on a judge to approve an additional $85 million in financing for the chain.
The largest creditors named in Ritz Camera’s bankruptcy documents are Nikon (owed $26.6 million), Canon (owned $13.7 million), and Fuji Photo Film (owned $8.4 million).
Ritz–based out of Beltsville, Maryland–has more than 1000 stores across the U.S., with locations in 45 states.
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