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Thread: Ritz closing for good

  1. #1
    kts's Avatar
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    Default Ritz closing for good

    http://www.washingtonpost.com/wp-dyn...l?hpid=topnews

    After 91 Years, Ritz Camera Announces Plans to Liquidate

    By V. Dion Haynes and Emma L. Carew
    Washington Post Staff Writers
    Wednesday, July 8, 2009; 5:52 PM

    Ritz Camera, a Beltsville-based chain that during 91 years grew to become the nation's largest photo retailer, said in a bankruptcy court filing today that it is unable to raise enough cash to operate and is seeking permission to sell its assets.

    The documents, filed in U.S. Bankruptcy Court in Wilmington, Del., say the company has been negotiating with two potential bidders who would take over all of its 370 remaining stores. The company asked to schedule the auction for July 20.

    Ritz "may not have sufficient availability to continue operating through the summer as a stand alone entity and to purchase inventory required for the fall holiday season," according to the filing. "The Debtor therefore believes that the time to maximize value through a sale process is now."

    Alex Goldman, the company's spokesman, declined to comment.

    The company, which filed for Chapter 11 bankruptcy protection in February, already has closed about 400 stores and shut down its Boater's World Marine Centers. If the effort to sell the company is not successful, according to the filing, Ritz is seeking permission to liquidate its assets and close by July 24, to avoid paying $3 million in rent going into September.

    "I'm surprised they couldn't make a go of it with the remaining stores. They were able to discard the most unprofitable stores and were left with the best and brightest stores," said Mark Millman, president of Millman Search Group, a Baltimore-based retail consulting and executive search firm.

    "I can't think of anyone interested in buying the company," Millman said. Most of the company's 370 stores are unattractive because they are located in malls that have high rents and declining foot traffic, he said. "If Ritz couldn't make a go of it, no one else is going to do better."

    Richard Rowe, a District resident, said he had not heard about Ritz's effort to sell its assets.

    An amateur photographer for about 30 years, Rowe said he usually goes to a Ritz store about once a month to get his pictures printed. When the Ritz store in the same building as his law firm in downtown Washington closed earlier this year, he started going to another Ritz store a few blocks away, on 18th and L streets instead.

    Rowe said that he might take his prints to a nearby CVS if Ritz closes for good. "They have so much more," he said of Ritz. "It's a shame to see them go out completely."
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    Level 3 User breviceps's Avatar
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    See... they bit the dust a la Circuit City (although the name was purchased and is now an Internet-based store).
    Failure is not defeat unless you stop trying.

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    Level 1 User Mike's Avatar
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    Damn

    Will this economy ever heal?

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    Quote Originally Posted by Mike View Post
    Damn

    Will this economy ever heal?
    It's started to but it's going to be a long slow process, especially if the fed gov't keeps up their current shenanigans.
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    Level 2 User Gleno's Avatar
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    it sucks to see them go but maybe there will be some good out of it
    there may be some good deals while they are still around?
    Trespassers will be violated!

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    Quote Originally Posted by Gleno View Post
    it sucks to see them go but maybe there will be some good out of it
    there may be some good deals while they are still around?
    most likely the same company that handled the Circuit City liquidation and Ritz's previous liquidation would be running this one so the deals will be crappy for the most part until the very end when it's crap and more crap.
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    Level 3 User breviceps's Avatar
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    It sucks how they fool consumers with the liquidation sales. Unfortunately, they up the price to the MSRP and then slap the discount so they're really just selling it at regular price. And yeah by the time the discounts are really a good bargain, you just end up with junk.

    (Now if you know employees that work at Ritz, maybe they can hide a few merchandise for you until the sale really takes off!) So trinity... any cool Canon L lenses at your store???
    Failure is not defeat unless you stop trying.

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    Level 3 User Krush's Avatar
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    [QUOTE=breviceps;56965]It sucks how they fool consumers with the liquidation sales. Unfortunately, they up the price to the MSRP and then slap the discount so they're really just selling it at regular price. And yeah by the time the discounts are really a good bargain, you just end up with junk.

    QUOTE]

    How true. Every place that met its demise,does that shit.

    So the gullible and nieve think they are getting that deep discount.
    ECUE

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    That sucks, i love going over to my ritz and talking to the other photographers, but i never liked there higher prices.

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    Reality Hacker Dan's Avatar
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    Ritz was always understocked and overpriced. I'm happy to see them go.

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    There is still Penn camera around and they are pretty good and reasonably priced.

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    the one thing that Ritz and other brick + mortar stores have is being able to try things out. i know most places online will take returns and it's not that hard but it is nice to be able to try out a tripod or camera bag before i shell out $ and then find out i don't like it and then have to pay for shipping it back.

    i am pretty good on gear for a while so it's not a big deal but competition is always a good thing. Best Buy has sucked for a while but sucks even more now that CC is gone since they don't have to work to keep your business as much.
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    Reality Hacker Dan's Avatar
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    Quote Originally Posted by kts View Post
    sucks even more now that CC is gone since they don't have to work to keep your business as much.
    Coopers Camera? They just moved to Penn Camera in Pikesville.

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    Quote Originally Posted by Dan View Post
    Coopers Camera? They just moved to Penn Camera in Pikesville.
    Circuit City.

    I shoulda filled that in but was giving the comparison that since Circuit City closed Best Buy's sales have sucked since their major competitor is gone.
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    Level 3 User DashingFlamingos's Avatar
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    Quote Originally Posted by Dan View Post
    Coopers Camera? They just moved to Penn Camera in Pikesville.

    Coopers camera? Does that mean since my last name is cooper i get free cameras? =]
    The supreme irony of life is that hardly anyone gets out of it alive.
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    Level 3 User trinity's Avatar
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    you guys did read the article right?

    liquidating will happen if the new owner of whom its auctioned off to decides to. its not 100%

    so stop pissing in my cheerios so early... its not fun to see your job might slowly slip away right infront of you and not even know if its really gonna happen or not.

  17. #17
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    Quote Originally Posted by trinity View Post
    you guys did read the article right?

    liquidating will happen if the new owner of whom its auctioned off to decides to. its not 100%

    so stop pissing in my cheerios so early... its not fun to see your job might slowly slip away right infront of you and not even know if its really gonna happen or not.
    i'm not trying to piss in your cheerios. i do feel for the position you are in, it blows and if i were you i would start searching for a new job. this is the same route that circuit city went down.

    "I can't think of anyone interested in buying the company," Millman said. Most of the company's 370 stores are unattractive because they are located in malls that have high rents and declining foot traffic, he said. "If Ritz couldn't make a go of it, no one else is going to do better."
    i hate to say it but this guy makes a lot of sense. unless someone like B&H or Adorama wanted to jump in and expand their foothold into retail stores but i don't think they have the capital to do that nor would they want to take the risk. any bidder is most likely looking to buy the company at a steep discount and liquidate it.
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    Level 3 User briansbrains's Avatar
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    They should just replace them all with Polapremium stores.

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    Quote Originally Posted by briansbrains View Post
    They should just replace them all with Polapremium stores.
    I agree, I hate buying the film online in the first place

  20. #20
    Level 3 User trinity's Avatar
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    David Ritz and a team of Investors bought back Ritz Camera on monday.


    I still have a job!


    http://www.reuters.com/article/merge...07988420090721

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