The Washington Post announced last Friday that Ritz Camera has filed for Chapter 11 bankruptcy protection, just three years after it emerged from its first bankruptcy filing. Officials say stiff competition with cellphone cameras has caused Ritz to struggle.
The film and camera business plans on closing 128 of its 265 retail locations and laying off half of its staff of 2,000. Although sales were up 20 percent in May, it was not enough to keep up operations.
Ritz has more than $50 million in liabilities it owes to its unsecured creditors like Sony and Fuji. According to the company’s chief restructuring officer, Ritz has been shopped around and plans on going up for auction in September.
If your business is struggling financially, contact the business bankruptcy attorney Ryan J. Really at (239) 237-0675.