Ritz camera liquidating
WOODLAND HILLS, Calif.–(BUSINESS WIRE)–Ritz Camera Centers, Inc., the nation’s largest specialty camera and image products and accessories retailer, announced today that it will close more than 300 stores nationwide as part of a court-supervised bankruptcy reorganization.
But for Strauss Auto, bankruptcy came to seem less like a chance to reorganize and more like a habit it couldn't break.Obligations of the debtor arising after the petition date may be classified as administrative expenses and are generally paid in full.In contrast, pre-petition claims are paid pro-rata at the end of the case. Many commercial leases provide that rent comes due on the first of the month.In 2012, Ritz Camera was acquired by C&A Marketing.The family-owned company (Ritz Camera Centers, Inc., predecessor in interest to Ritz Camera & Image, LLC) was founded as a portrait studio in 1918 by Benjamin A.Ritz Camera & Image is a photographic retail and photofinishing specialty store, headquartered in Edison, New Jersey.
The company owns and operates a chain of six locations throughout the United States under the names Wolf Camera, Inkley’s and Ritz Camera.
However, the period may be, and often is, extended for an additional 90 days by order of the Bankruptcy Court.
As leases are often some of the most important assets of a retail debtor, this deadline often drives the schedule of a bankruptcy case.
Originally founded in 1929, the company is currently owned by a creditors' trust left over partly from its 2006 bankruptcy.
The Journal article quotes bankruptcy expert and New York University professor Edward Altman saying that since 1985, 240 companies have filed for bankruptcy twice, about 11 have filed three times and only two have filed four times.
We hear that the stores may only be around for another 7 weeks or so, so get ready to go on a shopping spree once the liquidation sales start, and use your gift cards today!