Ritz Interactive
In 1999, David Ritz and others founded Ritz Interactive, Inc., an Irvine, California-based e-commerce company formed to bring the retail store brands to the internet. Despite the fact that the two companies share warehouse space and some personnel, Ritz Interactive and Ritz Camera Centers are officially separate companies.
In 2003, Amazon.com formed a sales alliance with Ritz Interactive, Inc., in a deal to broaden the online retail giant's selection of camera products and accessories.
According to the Wall Street Journal, Ritz Interactive Inc., which operates the websites for such retailers as Ritz Camera and Boaters World, filed for Chapter 11 bankruptcy protection on August 19, 2011. The Irvine, Calif., company reported assets of about $809,000 and debts of $7.2 million in its bankruptcy petition, filed Friday with the U.S. Bankruptcy Court in Santa Ana, Calif. Court papers show Ritz Interactive’s executive committee of its board of directors deemed the Chapter 11 filing “in the best interests” of the company, its creditors and stakeholders. Court papers show that David Ritz holds an 18.55% stake in the company. Among Ritz Interactive’s debts are a $3.55 million secured claim held by Ritz Camera. Ritz Interactive’s top unsecured trade creditors include American Express, owed about $434,000; Federal Express, owed nearly $104,000; and Google, owed more than $45,000. In May 2012, Ritz Interactive was acquired by Ritz Camera & Image.
Read more about this topic: Ritz Camera Centers
Famous quotes containing the word ritz:
“I’d take the bus downtown with my mother, and the big thing was to sit at the counter and get an orange drink and a tuna sandwich on toast. I thought I was living large!... When I was at the Ritz with the publisher a few months ago, I did think, “Oh my God, I’m in the Ritz tearoom.” ... The person who was so happy to sit at the Woolworths counter is now sitting at the Ritz, listening to the harp, and wondering what tea to order.... [ellipsis in source] Am I awake?”
—Connie Porter (b. 1959)