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February 24, 2009

Ritz Camera file for Chapter 11

In another sign of tough economic times, Ritz Camera, one of the largest photographic specialty retailers in the U.S., has filed for Chapter 11 bankruptcy. While citing requirements by lenders to boost reserve cash as the pirmary motivation, the store chain also suffered from losses through it's 100+ chain marine supply store Boater's World. Not surprisingly, listed among the largest unsecured creditors of Ritz are Nikon with USD26 million in claims, with Canon a close second at USD13 million. (via Reuters)

Posted by covey22 at February 24, 2009 2:26 PM

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