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PRESS RELEASE: Ritz Camera to Close More than 300 Stores Nationwide; Store Closing Sales Scheduled to Begin April 4
WOODLAND HILLS, Calif. -- Ritz Camera Centers, Inc., the nation's largest specialty camera and image products and accessories retailer, has announced that it will close more than 300 stores nationwide as part of a court-supervised bankruptcy reorganization. The move will leave approximately 400 Ritz Camera stores still open around the country.
Retail inventory valued at more than $50 million will be liquidated at the stores that are being closed. Store closing sales offering substantial discounts on all inventory at those locations will begin on Saturday, April 4 and are expected to continue until everything is sold to the bare walls.
A joint venture group comprised of Great American Group, LLC, SB Capital Group, LLC, Tiger Capital Group, LLC and Hudson Capital Partners, LLC, will be conducting the sales.
Daniel Platt, senior vice president, capital markets, for Great American Group, said, "Long-time Ritz Camera customers as well as those with any interest in cameras, photography and video-related products will find a tremendous selection of quality, brand-name merchandise at greatly reduced prices. Shoppers looking for distinctive and unique gifts will find these sales particularly appealing, as well."
Among the thousands of products that will be available at reduced prices are digital cameras and accessories, dSLR compact cameras, digital frames, binoculars, camcorders and video accessories and other popular electronic items.
See the full list of the Ritz Store Closings.
Beginning with a single store in Atlantic City, N.J., in 1918, the Beltsville, Maryland-based privately held chain quickly grew to become the country's leading supplier of photography products, equipment and services. At one point, after acquiring Wolf Camera, Kits Cameras and a number of other companies, Ritz Camera had over 800 stores in more than 40 states across the country. Financial troubles, however, caused the company to file for Chapter 11 bankruptcy protection in February.
Ritz Camera's downsizing follows efforts over the past year by a number of prominent retailers to deal with slumping sales and the drop in consumer spending brought on by the recession. Major national retailers that have liquidated completely in recent months include Circuit City, Mervyns, Steve & Barry's, Shoe Pavilion, KB Toys and Linens 'N Things.
(First posted on Thursday, April 2, 2009 at 22:07 EDT)