Ritz is done

Ritz Camera announced their plans to liquidate by July 24th, 2009.

After filing for Chapter 11 bankruptcy on February 22, 2009 and closing more than 300 stores, they filed a petition with the Court to close all of its remaining 370 stores and sell their operations.

Ritz "may not have sufficient availability to continue operating through the summer as a stand alone entity and to purchase inventory required for the fall holiday season," according to the filing. "The Debtor therefore believes that the time to maximize value through a sale process is now."

It is sad to see a 91 year old company go, but they could not compete with the big guys. Their stores were in high-rent mall locations and their merchandise prices were always high. Another one bites the dust.