2012 Bankruptcy and Liquidation
On June 22, 2012, Ritz Camera & Image filed for Chapter 11 bankruptcy protection again and closed 128 of its stores. On September 6, 2012, liquidation specialists Gordon Brothers Retail Partners LLC and Hilco Merchant Resources LLC won an auction for Ritz Camera's assets and began the process of closing most of the 137 stores that remained. New Jersey-based camera distributors C&A Marketing have acquired the online RitzPix business and will operate a few of the retail locations across the country.
On September 10, 2012, it was announced that all Ritz, Wolf and other associated subsidiaries would close by the end of October, while a few would reopen under C&A Marketing alongside Ritzpix & RitzCamera.com on November 1, 2012, and other stores were sold indivdually or in small groups to other retailers.
Read more about this topic: Ritz Camera Centers
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“Disappointment is a sort of bankruptcy—the bankruptcy of a soul that expends too much in hope and expectation.”
—Eric Hoffer (1902–1983)