Ritz files for bankruptcy for the second time
Posted on Monday, June 25th, 2012 at 8:12 pm
Ritz Camera filed for Chapter 11 bankruptcy protection for the second time on Friday, just three years after it emerged from its first bankruptcy. Although sales were up 20 percent in May, officials at Ritz say it was not enough to maintain operations.
The film company has seen steep competition from online retailers and consumers’ increasing use of cellphone cameras. Ritz plans on closing 128 of its 265 locations and laying off half of its staff.
The company has upwards to $50 million in liabilities it owes to its creditors, like Sony and Fuji. Ritz is currently being shopped around and is expected to go up for auction in September, the Washington Post reports.
If you would like to learn more about how Chapter 11 works, contact the Raleigh Chapter 11 bankruptcy lawyers of the Bradford Law Offices, PLLC by calling 919-758-8879.