Ritz Camera files for Chapter 11

The company operates approximately 800 photo stores all over the U.S. under the Ritz Camera, Wolf Camera, Kit‘s Cameras, Inkley‘s and the Camera Shops brands plus 130 Boaters World stores. According to published reports, Ritz Camera Centers employ a workforce of 6,400 people and recorded sales of nearly US-$ 1 billion last year.

David Ritz, Chairman and CEO of the 91-year-old privately held chain, told PMA Newsline International the filing was predicated by a combination of the overall retail slowdown, as well as softness in the leisure boating business. “Our bank group has agreed to support the company with a US-$ 75 million debtor-in-prossession line of credit,” Ritz pointed out. “We will be able to fulfill our obligations to our vendors during the reorganization process. With this, we will work toward a new, streamlined company. We expect to emerge from our reorganization well before the end of the year.”