Originally posted by reeftool Blaming Boaters World is a lame excuse. If they allowed losses in a totally unrelated business to drag down their core business of camera stores then that by itself shows what bad managers they were. The Ritz store in my area was doing very well but they closed that one up before the bankruptcy. They had no competition and drew customers from a large area.
Boaters World should have been independant of Ritz Camera and closed down. There is some real shady dealing going on. The camera companys get stiffed, hundreds of people loose their jobs and David Ritz can buy it back at an auction with 16 mil. of it cash? I have a 10 year old pair of sneakers that smell better.
Actually, the larger holding company often gets collapsed when one or more of its divisions perform badly. AIG is a good example of that. There were a couple of divisions that were fine and several that were a problem. When the holding company goes bankrupt, it becomes complicated. However, it looks like D. Ritz and his "new" friends learned something from the GM bankruptcy case. Those clowns got bail out money and are getting more on top of that. At least Ritz only screwed the debt holders and not the Tax Payers as well.