Ritz Camera files bankruptcy

*reeftool* · 02-23-2009, 10:46 AM

I just ran across this while checking my e mail on AOL. Seems they stuck Nikon for 26 million and Canon for 13 million.Ritz Camera Files for Bankruptcy - AOL Money & Finance

*tranq78* · 02-23-2009, 11:24 AM

Originally Posted by reeftool

I just ran across this while checking my e mail on AOL. Seems they stuck Nikon for 26 million and Canon for 13 million.Ritz Camera Files for Bankruptcy - AOL Money & Finance

Ouch.

I guess this is the real reason why Pentax inventory has fallen from Ritz's stores in the past number of months. It wasn't because Pentax screwed up their distribution channel, they were trying to dodge a bullet - hopefully they've been successful.

A sad state of affairs.

MRRiley · 02-23-2009, 11:50 AM

Glad my daughter doesn't work there any more...

stevebrot · 02-23-2009, 11:57 AM

While I am not particularly fond of Ritz, the repercussions should they fail completely are potentially pretty profound. They have displaced, replaced, or absorbed most of their competition. If they disappear, there will be nothing in many markets. Ritz is a privately-held company. Hopefully they can find a funding source to enable continued operations. Maybe if they are able to off-load their boating supply stores...

Steve

*reeftool* · 02-23-2009, 11:59 AM

I hope Pentax didn't get burned too bad. The local store here closed up right after Christmas and they had very little Pentax stock. Pentax probably made them pay up and thats why they weren't stocking anything.

**Damn Brit** · 02-23-2009, 12:02 PM

Maybe from the ashes will arise a proper camera store.

krypticide · 02-23-2009, 01:03 PM

Maybe I'm just one of those internet babies, but I've never bought a lens or equipment from a brick and mortar store. I do all my research online and then buy from Amazon or another low price company with great service.

Can't really say I'm sad to see them enter Ch. 11.

*séamuis* · 02-23-2009, 01:07 PM

Originally Posted by Damn Brit

Maybe from the ashes will arise a proper camera store.

exactly what I was thinking.... the end of ritz is unlikely the end of photo/camera stores like them. it certainly isn't the end of brick and mortar photo stores all together... so I will wait and see what happens.

**Damn Brit** · 02-23-2009, 01:11 PM

Originally Posted by séamuis

exactly what I was thinking.... the end of ritz is unlikely the end of photo/camera stores like them. it certainly isn't the end of brick and mortar photo stores all together... so I will wait and see what happens.

Anyone got a couple of million to invest?

The best way to do it would be to...... maybe I shouldn't say, I should explore it more first.

*Tom S.* · 02-23-2009, 01:22 PM

Originally Posted by Damn Brit

Anyone got a couple of million to invest?

The best way to do it would be to...... maybe I shouldn't say, I should explore it more first.

There is no 'best way'. Ritz is going the way of many specialty stores. Brick and mortar stores have too high overhead costs to compete with internet giants who sell out of ware houses (or garages for that matter), or retail giants like Wal-Mart. I'm surprised they lasted as long as they did.

Every retailer of specialized products are going to fall prey to this eventually, unless they are selling a service or product not obtainable at Wal-Mart or the web.

**Damn Brit** · 02-23-2009, 01:26 PM

Originally Posted by Tom S.

Every retailer of specialized products are going to fall prey to this eventually, unless they are selling a service or product not obtainable at Wal-Mart or the web.

Providing the right (additional) services is crucial to being successful.

*dadipentak* · 02-23-2009, 01:38 PM

Now, it's just a cracker.

Hey Elwood · 02-23-2009, 01:40 PM

Well, this isn't good. I bought my K100d and K20d from Ritz because of the protection plan. I hope they continue to honor it.

*séamuis* · 02-23-2009, 02:02 PM

Originally Posted by Hey Elwood

Well, this isn't good. I bought my K100d and K20d from Ritz because of the protection plan. I hope they continue to honor it.

that will be hard to do if they cease to exist.

kenyee · 02-23-2009, 02:20 PM

Originally Posted by Hey Elwood

Well, this isn't good. I bought my K100d and K20d from Ritz because of the protection plan. I hope they continue to honor it.

If they Chap.11, they can just delete any debts as part of their reorg, including their protection plans AFAIK. Doesn't look good for you

btw, a friend used to work at one of their stores near Boston in big mall. It was apparently extremely popular w/ tourists out of country who would go there w/ a bus tour and load up on gear because we don't have the crazy taxes and import duties they have in their countries...