Originally posted by monochrome Best Buy just announce 50 store closings today. Ritz was ruined by Camping World. Then 2008/09 freaked consumers out and cash flow dropped off the table - debt service was impossible - a classic asset-rich cash flow poor situation. Unfortunately at the time Nikon, Canon and Fuji, the principal unsecured ($61MM combined) "bankers" to Ritz were not accommodating, so Nikon owns 50% of David Ritz's investor group
I could not write a book that good; the way that companies such as Ritz, Radio Shack, and Best Buy are (actually more like are not) doing business properly.
As somewhat of an insider... Will never forget how many interesting contracts were signed by or with Ritz that really leveled the company. Case in point; how they made long term investments in their photo labs and how much that Ritz still invests in it's generic relabeling and the so called Quantaray label