Ritz Camera Closes Stores Over Bankruptcy Reorganization

By: John Lester
Published: Apr 4, 2009
Updated: Mar 18, 2010

Ritz Camera will close nearly 50 percent of its stores in an effort to reorganize. The company will shut down 300 stores nationwide while liquidating inventory.

Ritz Camera Centers Inc, the parent company of Wolf Camera, will begin closing 50 percent of its stores nationwide in an effort to reorganize after a court-supervised bankruptcy. While 300 stores will close, 400 will remain open to during liquidation. Ritz is the nation's largest camera retail chain in 45 states.

Ritz Camera plans for auction if more than one acceptable bid is received.

The company said it wants liquidators to bid for rights to oversee sales. If more than one acceptable bid is received, it will hold an auction Wednesday. The company has scheduled a hearing for Thursday hearing to approve the sale. The company filed for Chapter 11 protection on February 22.

Liquidation sales begin on April 4th which will continue until, "everything is sold to the bare walls," according to the company. More than $50 million of inventory will be up for grabs during the sale. Stores are expected to be jammed with consumers, so if you don't like large push-and-shoving crowds, then you may want to ask yourself, "Do I really need a camera right now?"

Wolf Camera was acquired in 2001 after it sought bankruptcy protection.

Ritz first acquired Wolf Camera in 2001 after the chain sought bankruptcy protection. Wolf in 1998 had previously acquired Denver-based Robert Waxman Camera Inc and had converted Waxman stores into the Wolf retail chain outlet. The company started with a single store in Atlantic City, New Jersey. Its retail brands today include Wolf Camera, Kits Cameras, Inkley's and The Camera Shop.