April 4, 2009

Ritz Camera to begin liquidation

Ritz Camera was to began liquidation sales Saturday ahead of closing more than 300 stores in the United States, say company officials.

The sales were to occur at Ritz stores and affiliate stores Proex, Wolf and Kit Camera as part of a court-supervised bankruptcy reorganization, CNet reported, noting the company plans to keep another 400 stores operating under Chapter 11 bankruptcy protection.

Ritz Camera, based in Beltsville, Md., filed for bankruptcy protection in February after growing to a chain of more than 800 stores since its start as a single store in Atlantic City, N.J. in 1918, The Star Tribune of Minnesota reported Saturday.