Photography retailer Ritz Camera & Image has filed for Chapter 11 bankruptcy protection for the second time, the
Washington Post
‘s
Capital Business Blog reported.
Citing a company statement, the blog said Ritz, based in Beltsville, Md., is evaluating which of its 265 stores it will close.
Two years ago the company, previously known as Ritz Camera Centers, emerged from bankruptcy protection with less than half of its 800 stores, according to the report. Last September, it received funding from private equity firm Transcom Capital.
After the first bankruptcy filing, David Ritz, whose uncle founded the company in 1936, assembled an investor team to buy the company’s assets at auction. The revamped company included photo imaging but had difficulty competing with Amazon, Wal-Mart and Target, the blog reported. (Source: Capital Business Blog,
Washington Post,
June 22, 2012.)
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