Ritz, Wolf begin liquidation sales this weekend
WOODLAND HILLS, Calif.- Ritz Camera Centers Inc., the nation's largest specialty camera and image products and accessories retailer, said today that it will close more than 300 stores nationwide as part of a court-supervised bankruptcy reorganization.
The move will leave another 400 Ritz Camera stores open around the country.
Retail inventory valued at more than $50 million will be liquidated at the stores that are being closed beginning on Saturday. Suburban stores that are closing include:
•Woodfield Mall, G116, Schaumburg
•105 S. Cook St., Barrington
•McHenry Grounds, 1787 Richmond Road, McHenry Commons, McHenry
Golf Road Plaza, 8361 Golf Road, Golf Mills, Niles
•Streets of Woodfield, 601 N. Martingale Road, Suite 125, Schaumburg
•Algonquin Commons, 1704 S. Randall Road, Algonquin
•Oakbrook Center, 501 Oak Brook Center, Oak Brook
A joint venture group comprising Great American Group LLC, SB Capital Group LLC, Tiger Capital Group LLC, and Hudson Capital Partners LLC, will be conducting the sales.
"Longtime Ritz Camera customers as well as those with any interest in cameras, photography and video-related products will find a tremendous selection of quality, brand-name merchandise at greatly reduced prices," said Daniel Platt, senior vice president, capital markets, for Great American Group.
Among products that will be available at reduced prices are digital cameras and accessories, digital SLR compact cameras, digital frames, binoculars, camcorders and video accessories, and other popular electronic items.
Beginning with a single store in Atlantic City, N.J., in 1918, the Beltsville, Maryland-based privately held chain grew to become the country's leading supplier of photography products, equipment and services.
At one point, after acquiring Wolf Camera, Kits Cameras and a number of other companies, Ritz Camera had over 800 stores in more than 40 states. Financial troubles, however, caused the company to file for Chapter 11 bankruptcy protection in February.