Local company Ritz Camera has petitioned the U.S.Bankruptcy Court to sell off or close its remaining 400 stores, according to a story in today's web edition of the Atlanta Journal Constitution. Apparently,the chain, which was already in Chapter 11 reorganization,and had closed many of its Ritz locations, felt it did not have sufficient funds to continue operating throughout the summer. In addition the article continued, that there wouldn't be sufficient capital for inventory for the upcoming fall holiday season.
I spoke with Mr. Alex Goldman Media Director of Ritz this afternoon and he stated that they had made the petition today. He indicated that the company was going to try to sell itself to a buyer that would "continue the business as a going concern"
In fact, in a press release issued by RITZ, David Ritz CEO stated:"....I believe that Ritz Camera will continue on.....for a long time to come.
The press release further took issue with recent press reports about the asset sale. "Ritz decision to proceed with an asset sale is a normal and customary means of facilitating an exit from bankruptcy."
Mr.Goldman, in a telephone interview did state that Ritz was negotiating the sale with both "going concern buyers and liquidators"
A sale to a liquidator, would mean the end of the Ritz chain both in the DC area and around the nation. Ritz with headquarters in Beltsville, MD is the largest specialty camera and image chain in the US. Through expansion and acquisitions they operate as Ritz Camera,Wolf Camera,Kits Camera,Inkleys and The Camera Shop.
Ritz Camera has been a family run business and has long served the photo needs of its customers. They provide not only the hardware and software, but more importantly, the advice and counsel on their use. We hope they will find a good " going concern" buyer and continue to serve the customers.
Based on story from the Atlanta Journal Constitution,Interview with Alex Goldman of Ritz and the press release issued by Ritz.
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