Ritz Camera files for bankruptcy - Triangle Business Journal:

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Ritz, the nation's largest camera store chain, runs more than 1,000p shops under a variety of names in45 states. The compang has two Ritz Camera locations and 11 storez inthe Raleigh-Durham area. Other store brandds Ritz owns includeKits Inkley’s and The Camera Shop. Ritz doublecd its Triangle presence in 2001 when it to buy Wolf Camera out of In Ritz's bankruptcy filing, made late the company's chief restructuring Marc Weinsweig, says: “Thre loss of revenues and profit marginsa from the diminution in the photo-finishing businese proved too much of a coupled with the losses experienced by the Boater’sa World business, for Ritz Camera to remain a profitable company under its current In 1987, Ritz launched Boater’s World, a boating-and-fishingh supply retailer that currently has 137 A“sharp” drop in sales at Boater’s World’s triggereed by the long rise in fuel prices and other factorx prompted the bankruptcy filing, Weinsweivg writes in the filing.
Ritz plans to continuse operating as it seeksto reorganize. Courtf papers show the company’s 30 largest unsecured creditorse without collateral backing their claims are owedabout $65.7 million. The three biggest creditorx listed are: , owed $26.6 million; , owed $13.77 million; and , owed $8.4 million.