The tough times just keep getting tougher: leading camera and photography retailer Ritz Camera has announced it is closing more than 300 stores as part of its ongoing bankruptcy reorganization. Although the move will still leave more than 400 retail locations open around the United States, the chain is downsizing substantially: at one point, the company has more than 800 retail locations, following its acquisitions of Wolf Cameras and Kits Cameras, along with other companies. Ritz Cameras filed for bankruptcy protection back in February, and the shutdown of almost half of its retail locations is a move to cut costs and try to get the company back into the black.
For consumers, though, the closures could be a short-term win: Ritz is blowing out inventory at the locations that will be shutting down, with the fire sale beginning April 4. Ritz plans to offer everything from DSLRs to photo frames, binoculars, camcorders, and compact cameras at significant discounts, and plans to keep selling until the stores are empty.
“Long-time 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 Great American Group VP Daniel Platt, in a statement. Great American is part of a venture group handling the sales. “Shoppers looking for distinctive and unique gifts will find these sales particularly appealing.”
