Ritz in Chapter 11?

oftheherd

oftheherd

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I just heard on the news this morning that Ritz is filing for Chap 11 protection, stating that it owes creditors something around $65 million. I was in a local store a couple of weeks ago and bought a camera bag on sale for about $23.00, for my Kiev. However, they have been slowly letting go of their film sales from what I see. Also, they no longer have their expired film bin, a personal favorite of mine.

I don't know if that is a sign of the times of the economy, or just bad business choices on their part. Either way, you can expect many stores to close and people laid off, and one less place that even partly supports film.
 
NIKON KIU said:
Yep,
Chapter 11 it is, bankrupt!!
Guess who is the largest creditor?


Kiu
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It is not bankrupt yet, since it seeks 'Chapter 11' protection. But it might be very close. With a claim of 26,6 million US$ to Nikon and 13,7 million US$ to Canon, one must say that US retailers go with style! Holy sh...!
 
I guess I should visit my local Wolf Camera and see if they have anything of interest.

Of course this doesn't automatically mean that they will cease operations. I hope not. They are my only source, within a reasonable distance, for decent quality C-41 processing and printing.
 
"Ritz said it will seek court permission to obtain $85 million of financing to keep operating while it restructures."

Most large corporations, even when in a bankruptcy restructuring keep on trucking. In some cases, it's *good* for the company. Wish the same could be true for individuals. 😀

Big big difference between bankruptcy and ceasing operations.
 
Keep in mind that it's Ritz, Wolf and some other chain all blended together. I tried to get a part time job there before Thanksgiving and lost out to a guy who was better qualified with the new machines. The vast majority of their camera business was gone, they were a store front that printed shots for local folks. The commoditization of digital cameras has moved people over to Best Buy and Costco to buy cameras.

B2 (;->
 
I ordered some film from them about two weeks ago (45 rolls of 200 ASA Ritz Label)
They sent four rolls then another five rolls...I have 9 of the 45 I ordered and am still waiting for the remainder of the order...They sent these 9 rolls in two separate boxes on two separate days...
I was talking with my local Ritz Manager and she thought it was wrong to send them this way and I agreed...Why not wait and send them all in one box...One shipping cost for them and I wouldn't have to return to pick up the rest...
This poor spending practice is what's hurting businesses these days...
I need to call for an update...oh, I had to prepay for the film too...
 
I haven't use them in recent times, although they own Wolfe's. Their online specials were usually competitive with others around the country. I just read the Reuters piece and must ask what does Boat World have to do with photography?
 
My gut tells me that the original owner was looking for a tax break to fund his hobby and it grew into a real cash flow. One garden center around here did the same thing.

All the stores run on AS/400s. Way over kill cost wise these days.

B2 (;->
 
Olsen said:
It is not bankrupt yet, since it seeks 'Chapter 11' protection. But it might be very close. With a claim of 26,6 million US$ to Nikon and 13,7 million US$ to Canon, one must say that US retailers go with style! Holy sh...!
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Olsen,

To clarify: Chapter 11 is a form of Bankruptcy protection and therefore Ritz is in Bankruptcy. Chapter 11 allows for reorganization rather than liquidation. Ritz now has 90-120 days to file a plan with the court. If the plan is rejected or Ritz is unable to provide a plan then Chapter 7 liquidation would semm likely.

Best regards,

Bob
 
Doesn't bother me too much. Last year I walked into a Ritz and asked if they had 120 film. The people behind the counter looked at me as if I had two heads. I don't think they even knew what I was talking about. My local independent shop has several different kinds of 120 in stock.
 
iamzip said:
Doesn't bother me too much. Last year I walked into a Ritz and asked if they had 120 film. The people behind the counter looked at me as if I had two heads. I don't think they even knew what I was talking about. My local independent shop has several different kinds of 120 in stock.
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Hey, I've got the girls at the ritz down the road actually trained to develop 120 film. If they go down, I'll have to mail out my C41.
My local independent shops (about 2 of them) are way the heck across town (20 miles or more).
 
Bnack said:
Sounds like this could be good for local camera shops.... for those of us that have one in town.
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I'm not so sure. At least not where film is concerned. Availability of a mini-lab makes film possible for most people. Certainly I'd do less color (not much that way as it is).
 
venchka said:
I guess I should visit my local Wolf Camera and see if they have anything of interest.

Of course this doesn't automatically mean that they will cease operations. I hope not. They are my only source, within a reasonable distance, for decent quality C-41 processing and printing.
Click to expand...

Sure, but I'd bet if they make it through Chapter 11 it will be with less stores. Maybe if we bought more cameras from the local guys than in the classifieds and eBay...
 
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