Posted on Monday, June 25th, 2012 at 8:42 pm
Struggling camera company Ritz Camera filed for Chapter 11 bankruptcy protection for the second time in three years on Friday. The Beltsville-based business claims it has more than $50 million in liabilities.
Despite seeing a 20 percent increase in sales in May and getting an $8 million investment from Transcom Capital in 2009, Ritz officials say it was not enough to maintain operations. Competition from camera phones has weakened camera and camera equipment sales.
According to the Washington Post, Ritz plans on closing 128 of its 265 retail locations that are under-performing and laying off half of its staff. It is expected to be up for auction in September.
If your business is considering filing for Chapter 11 bankruptcy, contact the Chapter 11 bankruptcy lawyers from the Law Office of Russell Van Beustring, P.C. by calling 713-973-6650.