WILMINGTON, Del. — Ritz Camera Centers, the largest camera-store chain in the U.S., has filed for bankruptcy protection, blaming the deepening recession and the consumer transition to digital photography.
The 91-year-old company, which had sales of almost $1 billion in 2008, has both assets and debt of less than $500 million, according to Chapter 11 papers filed Sunday in U.S. Bankruptcy Court. Ritz sought permission to tap a new $85 million loan from existing secured lenders.
Ritz has about 800 stores in more than 40 states, including the Ritz Camera chain, Wolf Camera, Kits Cameras, Ink ley’s and the Camera Shops.
In Colorado, the company operates 16 stores under the Wolf Camera name. Ritz purchased Wolf in 2001 after that company filed for bankruptcy protection. In 1998, Wolf purchased the locally owned Robert Waxman Camera and Video and rebranded the stores as Wolf.
Beltsville, Md.-based Ritz suffered from a drop in photo printing, as well as slumping sales at its 130 Boater’s World Marine Centers, which were hurt by last year’s record oil prices, court papers show.
Staff writer Elizabeth Aguilera contributed to this report.
