Bankrupt
Ritz Camera to Liquidate and Close Remaining 137 Stores | Retail News |
RIS News: Business/Technology Insights for Retail, Supermarket
Executives
After failing to find a buyer that would keep its brick-and-mortar
business operating, specialty camera retailer Ritz Camera & Image
LLC will liquidate its assets. The move comes less than three months
after the chain filed for Chapter 11 bankruptcy protection and closed
nearly half of its stores.
Following a September 6 auction, the U.S. Bankruptcy Court in
Wilmington, DE approved a plan to turn over most of Ritz's assets to the
high bidders, liquidation specialists Gordon Brothers Retail Partners
LLC and Hilco Merchant Resources LLC. Online retailer C&A Marketing
acquired Ritz's websites and several of its biggest stores, with plans
to keep five to seven locations open, according to published reports.
It seems their company is stable enough to go through this kind of situation, but I guess, I was wrong. They have 137 stores remaining, and we don't know how many had been closed. But why did they file for a bankruptcy anyway? Were there any problems with the employees, or was it the fact that they can't think of a way to improve their products anymore according to their consumers' needs and wants?
ReplyDeleteWell, as what the song goes “even the best fall down sometimes…” Yeah, you wouldn’t know how long you will stay on top, so you should try your best to create an efficient and stable financial strategy order for you to handle all your accounts seriously.
ReplyDeleteCade Culpepper