Who is liquidating ritz camera
Ridgefield Park, NJ—Ritz Camera & Image, the nation’s largest photo specialty retail chain, received bankruptcy court approval to liquidate after failing to find a buyer at a bankruptcy auction on September 6. Bankruptcy Judge Kevin Gross in Wilmington, Delaware, approved a plan wherein most of the Beltsville, Maryland-based company’s assets will be turned over to liquidation specialists Gordon Brothers Retail Partners LLC and Hilco Merchant Resources LLC, the high bidders at the auction.Ritz filed for Chapter 11 bankruptcy protection in June 2012, not three years after emerging from its first bankruptcy filing. Nearly all of Ritz’s current 137 locations will close, but New Jersey-based C&A Marketing, a global distributor of digital cameras, camcorders and related accessories, acquired Ritz’s website, the Ritz Pix online print-ordering business and several of its biggest stores.In 1936, Edward Ritz and his brother Benjamin expanded the company, opening the first Ritz film-processing lab in Washington, DC.
Transom RCI Holdings LLC last year provided Ritz with million in a deal that made the Ritz family a minority owner.The stores that will close are in Westfield Horton Plaza in downtown San Diego and in Encinitas Town Center, 1006-D N.El Camino Real, according to a list posted today on the company's Facebook page.Following an aggressive expansion strategy by Ed’s son, David Ritz, the retailer became the nation’s largest photo-specialty chain with more than 1,000 stores in 47 states and the District of Columbia.However, another victim of the digital revolution and the popularity of price competitive e-tailers, the company faltered and saw profits decline and debts rise to more than million by 2009, when it filed for bankruptcy protection for the first time.He declined to say when they would close, referring questions to corporate headquarters.Phone inquiries to the corporate office weren’t returned. The Ritz family failed for the second time in three years to turn around the 94-year-old retailer.Troubled retailer Ritz Camera & Image plans to liquidate about half of its stores, including two in San Diego County.The closures are part of the chain's second Chapter 11 bankruptcy filing in three years.As Ritz expanded from that one location in Atlantic City, the firm reached out to nearby states, particularly Maryland, where a flagship Baltimore store was added in the 1930s.As stores were added, so were services and retail goods; the stores became one-stop shops for all photographic needs.