Ritz Camera files for bankruptcy protection
DOVER, Del. (AP) - Ritz Camera Centers, the nation's largest retail photography chain, has filed for Chapter 11 bankruptcy protection.
The Beltsville, Md.-based company submitted its filing on Sunday in federal bankruptcy court in Delaware.
Ritz Camera operates two stores in Greensboro and one each in Winston-Salem and Danville, Va.
The company said revenues from its profitable photofinishing business have declined significantly with the shift from film to digital cameras. It also said an increase in gasoline prices, along with other economic factors, led to a sharp drop in sales in its Boater's World recreational marine business.
The company listed assets and liabilities at between $100 million and $500 million. The list of creditors is led by Nikon Inc. and Canon USA Inc., which are owed a combined $40 million in trade debt.
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