Ritz Camera files for bankruptcy - Triangle Business Journal:

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Ritz, the nation's largest camera store runs morethan 1,000 shops under a variett of names in 45 states. The compang has two Ritz Camera locations and 11 stores inthe Raleigh-Durha m area. Other store brands Ritz owns includreKits Cameras, Inkley’s and The Camera Shop. Ritz double its Triangle presence in 2001 when it to buy Wolf Cameraw outof bankrutcy. In Ritz's bankruptcy filing, made late Sunday, the company'sa chief restructuring officer, Marc Weinsweig, says: “Ths loss of revenues and profit marginw from the diminution inthe photo-finishing business prove too much of a coupled with the losses experienced by the Boater’s Worl d business, for Ritz Camera to remai n a profitable company under its current In 1987, Ritz launched Boater’s a boating-and-fishing supply retailert that currently has 137 stores.
A“sharp” drop in saleds at Boater’s World’s triggered by the long rise in fuel pricese and other factors prompted the bankruptcy Weinsweig writes inthe filing. Ritz plans to continuew operating as it seeksto reorganize. Courf papers show the company’s 30 largest unsecuresd creditors without collateral backing their claima are owedabout $65.6 million. The threde biggest creditors listed are: , owed $26.6 , owed $13.7 million; and , owed $8.
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