Ritz Camera/Wolf Camera Files Chapter 11

[Pardus]

Article Here

By Greg Scoblete -- TWICE, 2/23/2009 12:07:00 PM
Wilmington, Del. ? Just days before the opening of the PMA trade show, the country?s largest specialty camera chain, Ritz Camera, filed for Chapter 11 bankruptcy protection.

Ritz said it has between $100 million and $500 million of both assets and liabilities in a filing made here, according to reports,

In addition to Ritz Camera stores, the chain owns Wolf Camera, Kits Cameras, Inkleys and the Camera Shops, as well as the Boater?s World chain. The company?s lenders had ordered it to boost reserves, and the company?s boating chain had been hampered by previously rising gas prices, Ritz said in an affidavit. The chain also said it was pinched by a reduction in photo finishing revenues.

Ritz said it will seek court permission to obtain $85 million of financing to keep operating while it restructures.

Ritz Interactive, an e-commerce firm that licenses the Ritz name, has not been impacted by the filing, a spokesman said. ?We will continue to work with them as a distributor, but we source through multiple distributors, so we have other options.?

Ritz Cameras was ranked No. 28 in TWICE?s Top 100 Retailers of 2008, with 1,100 stores and $580 million in sales last year.

 

[QueBert]

sucks, the only true Camera Shop I can think of anywhere in my area, the people there genuinely know about photography and are very helpful. I hope they manage to stick around, I somehow doubt it though

 

[darkswordsman17]

another reason not to buy from them

Huh? I thought they were supposed to be good?

 

[JulesMaximus]

Originally posted by: darkswordsman17

another reason not to buy from them

Huh? I thought they were supposed to be good?

B&H Photo > *

Ritz Camera is overpriced. You are paying for the overhead of all those retail stores.

 

[QueBert]

more expensive, but they offer stuff no internet store can. When I bought my digital camera they had 3 of the models I wanted ready to go and let me take them outside and snap a few pics while the guy stood and watched. I then went back in and paid to have them printed on the printing machine they have there. The camera I had thought I wanted, turned out to be crap. If I had bought it on Amazon I would have been screwed, or at best hassled into boxing it up and returning it and probably paying a 15% re-stocking fee.

 

[darkswordsman17]

Originally posted by: QueBert
more expensive, but they offer stuff no internet store can. When I bought my digital camera they had 3 of the models I wanted ready to go and let me take them outside and snap a few pics while the guy stood and watched. I then went back in and paid to have them printed on the printing machine they have there. The camera I had thought I wanted, turned out to be crap. If I had bought it on Amazon I would have been screwed, or at best hassled into boxing it up and returning it and probably paying a 15% re-stocking fee.

Exactly. I believe their prices fall between typical retail outlets and e-tailers (so they're better than say Best Buy in price but not as good as online, but offer better service than either).

 

[JulesMaximus]

Originally posted by: QueBert
more expensive, but they offer stuff no internet store can. When I bought my digital camera they had 3 of the models I wanted ready to go and let me take them outside and snap a few pics while the guy stood and watched. I then went back in and paid to have them printed on the printing machine they have there. The camera I had thought I wanted, turned out to be crap. If I had bought it on Amazon I would have been screwed, or at best hassled into boxing it up and returning it and probably paying a 15% re-stocking fee.

That's what internet reviews are for.

 

[GagHalfrunt]

Originally posted by: ActiveX


Ritz said it has between $100 million and $500 million of both assets and liabilities in a filing made here, according to reports,

[/quote]

Between $100 million and $500 million? Wow, thanks for narrowing it down guys. Maybe their accounting was the problem.

 

[SaoFeng]

ritz is overpriced

B&H and Calumet rule!

 

[foghorn67]

Ritz is way overpriced. No surprise.

 

[imported_Lothar]

Amazon > Ritz camera.

 

[ed21x]

Originally posted by: JulesMaximus

Originally posted by: darkswordsman17

another reason not to buy from them

Huh? I thought they were supposed to be good?

B&H Photo > *

Ritz Camera is overpriced. You are paying for the overhead of all those retail stores.

I hate B&H. The people there kept hounding me to buy a memory card and an extended warranty when I last bought a camera there. After a few minutes of me making it clear to them that I wasn't interested, the guy was pretty much pissed off at me while he filed my order. I would take Ritz or J&R over B&H anyday, both in service and price.

 

[JulesMaximus]

Originally posted by: ed21x

Originally posted by: JulesMaximus

Originally posted by: darkswordsman17

another reason not to buy from them

Huh? I thought they were supposed to be good?

B&H Photo > *

Ritz Camera is overpriced. You are paying for the overhead of all those retail stores.

I hate B&H. The people there kept hounding me to buy a memory card and an extended warranty when I last bought a camera there. After a few minutes of me making it clear to them that I wasn't interested, the guy was pretty much pissed off at me while he filed my order. I would take Ritz or J&R over B&H anyday, both in service and price.

I've never had that problem. All my shopping with them has been online.

I've purchased literally thousands of dollars of camera gear from them over the years.

 

[Feldenak]

Originally posted by: JulesMaximus

Originally posted by: ed21x

Originally posted by: JulesMaximus

Originally posted by: darkswordsman17

another reason not to buy from them

Huh? I thought they were supposed to be good?

B&H Photo > *

Ritz Camera is overpriced. You are paying for the overhead of all those retail stores.

I hate B&H. The people there kept hounding me to buy a memory card and an extended warranty when I last bought a camera there. After a few minutes of me making it clear to them that I wasn't interested, the guy was pretty much pissed off at me while he filed my order. I would take Ritz or J&R over B&H anyday, both in service and price.

I've never had that problem. All my shopping with them has been online.

I've purchased literally thousands of dollars of camera gear from them over the years.

You say that like spending that much on camera gear is alot.

 

[ElFenix]

Originally posted by: GagHalfrunt

Originally posted by: ActiveX


Ritz said it has between $100 million and $500 million of both assets and liabilities in a filing made here, according to reports,

Between $100 million and $500 million? Wow, thanks for narrowing it down guys. Maybe their accounting was the problem.

[/quote]
iirc, it's a checkbox on the bankruptcy cover sheet form.




anyway, if i'm buying local i'm buying at a real camera geek store.

 

[jpeyton]

Sounds like they're staying open

No liquidation sale

 

[jpeyton]

Originally posted by: JulesMaximus

Originally posted by: darkswordsman17

another reason not to buy from them

Huh? I thought they were supposed to be good?

B&H Photo > *

Ritz Camera is overpriced. You are paying for the overhead of all those retail stores.

B&H is overrated.

It's 2009...they need to learn how to keep their website open on weekends.

Adorama has B&H prices (or better), more items with free shipping, they sell through their own site and via Amazon, and they're open 24/7 (as every e-tailer should be).

 

[IronWing]

Originally posted by: jpeyton

Originally posted by: JulesMaximus

Originally posted by: darkswordsman17

another reason not to buy from them

Huh? I thought they were supposed to be good?

B&H Photo > *

Ritz Camera is overpriced. You are paying for the overhead of all those retail stores.

B&H is overrated.

It's 2009...they need to learn how to keep their website open on weekends.

Adorama has B&H prices (or better), more items with free shipping, they sell through their own site and via Amazon, and they're open 24/7 (as every e-tailer should be).

Adorama sends spams before they even ship your order, bastards. B&H is closed for the Sabbath. It ain't my store or my religion but it is their's and I understand their stupid decision.

 

[FelixDeCat]

What a shame, I always did like that place. But these days filing for bankruptcy is becoming more chic by the day: More newspaper shake-ups loom with Chapter 11

 

[Pepsei]

ritz is good when it comes to developing films, they will actually do color correction for you... compare to other cheap places where it is only one setting.

all their other goods are way overpriced.

 

[andylawcc]

Originally posted by: GagHalfrunt

Originally posted by: ActiveX


Ritz said it has between $100 million and $500 million of both assets and liabilities in a filing made here, according to reports,

Between $100 million and $500 million? Wow, thanks for narrowing it down guys. Maybe their accounting was the problem.

[/quote]

I read it as 100 mil for Asset and 500 mil for Liabilities.

 

[andylawcc]

Originally posted by: jpeyton
No liquidation sale

ya, exactly what I was thinking.

 

[JulesMaximus]

Originally posted by: Feldenak

Originally posted by: JulesMaximus

Originally posted by: ed21x

Originally posted by: JulesMaximus

Originally posted by: darkswordsman17

another reason not to buy from them

Huh? I thought they were supposed to be good?

B&H Photo > *

Ritz Camera is overpriced. You are paying for the overhead of all those retail stores.

I hate B&H. The people there kept hounding me to buy a memory card and an extended warranty when I last bought a camera there. After a few minutes of me making it clear to them that I wasn't interested, the guy was pretty much pissed off at me while he filed my order. I would take Ritz or J&R over B&H anyday, both in service and price.

I've never had that problem. All my shopping with them has been online.

I've purchased literally thousands of dollars of camera gear from them over the years.

You say that like spending that much on camera gear is alot.

Sorry, I meant hundreds of thousands...:roll:

 

[olds]

I was just on the Ritz site last night looking at cameras. I was surprised that the prices were on the high side. Saw a camera on Crutchfield (high prices/great customer service) and went to ritz to see how much it was there.

 

[Muadib]

So when do the sales begin?