Ritz Camera goes Belly up

[Zanotti]

http://www.reuters.com/article/marketsNews/idUSN2332434320090223


Looks like Nikon and Canon got stuck for a fair amount.





Z

[divamum]

http://www.reuters.com/article/marketsNews/idUSN2332434320090223


Looks like Nikon and Canon got stuck for a fair amount.

Z

Ugh, the dreaded chapter 11. Life goes on as normal for the companies while those to whom they owe money sit around waiting. I'm sure that companies appreciate the chance to push a fiscal "pause" button and regroup, but given that I'm a creditor to a company that declared Chapter 11 before Christmas and am thus out a big chunk of my income for this year, I'm feeling somewhat bruised and less than charitable about it all at the moment ... Of course, in the current climate hard to know if Chap 11 will enable these companies to survive (which would be good, of course) or is simply going to postpone the inevitable.

But I digress....

We have several Ritz around us - for a quickie chain they're not bad, and on several occasions when I needed something FAST (ie a filter, battery, even a bag once) they were actually a good local source. I hope they turn things around.

[scoox]

Arghs, I cannot believe it - I just bought my camera there Thursday :huh

But fortunately its already on the way to me... just hope it doesnt cause any trouble :scratch

Poor employees, they were very nice.

[Pupator]

Poor employees, they were very nice.


Filing for chapter 11 doesn't mean that they're going out of business. Likely they aren't losing their jobs yet.

[scoox]

I´m sorry, I am just a German - here going bankrupt means going out of business.

[divamum]

I´m sorry, I am just a German - here going bankrupt means going out of business.

Scoox, there are two types of US Bankruptcy: Chapter 7 is "bankrupt" as in ganz kaputt. Chapter 11 is "restructuring" giving the company the opportunity to suspend its existing debts while they try to salvage the business and recover.

[W.W. Webster]

there are two types of US BankruptcyWhat about the US Government bailout of three insolvent car manufacturers unable to compete with the rest of the world in the 21st century - isn't that a third type? :scratch

[HarveyMushman]

What about the US Government bailout of two insolvent car manufacturers unable to compete with the rest of the world in the 21st century - isn't that a third type? :scratch

Fixed (Ford hasn't taken any bailout loans).

But, yes, that's the third type.

[angevin1]

I hate this for any person that is losing a job!!!

But I'd rather see 1000 individual shops owned by folks who want to run a business and tend to it!

As evidenced by them owning Boaters World...what the ____ does that have to do with photo stuff?? answer: M o n e y ~
and the disease of : M o r e ~

As soon as the greedy clear their plate, in court or otherwise, we'll be in fine shape.

Also, sorry to read the Art World is suffering so ( re: Divamum blog)~

tom

[Zanotti]

http://www.businessweek.com/ap/financialnews/D96HEULG0.htm


This says Fuji was a big investor in the company as well.


Z

[t-rev]

I returned a 50 1.8 to a Wolf Camera store back in early Jan, I paid cash for it and they had to issue a check from corporate which I had not yet received as of yesterday so I called them and they said they are running way behind in issuing the checks. Wonder if this announcement has something to do with it? Hopefully I'll get the money soon. I will never step foot in their stores again though, their prices are ridiculous. I think I paid $130 for the 50 1.8!!

[bandgeekndb]

Guess this means I better step up quick and use my freebies!

Back in June '08, I bought my D40 from there, liking the allure of all the freebies (specifically the photo classes). The price was decent, and I liked having a salesperson who knew what he was talking about. I had done a good bit of research and tested him while I shopped to see if he would try to upsell me. The only thing he pushed was the 2-lens kit, for which I can't blame him.

Anyway, now I know better, and I exclusively shop B&H, Adorama, or Amazon...and of course, the wonderful DGrin Flea Market! Should I manage to pull together some funds, I'm looking at a nice D80 while I save for the massive investment of a D90 or *gasp* a D300!

Good luck to Ritz, hope no one gets screwed by this in the end!

[Art Scott]

I returned a 50 1.8 to a Wolf Camera store back in early Jan, I paid cash for it and they had to issue a check from corporate which I had not yet received as of yesterday so I called them and they said they are running way behind in issuing the checks. Wonder if this announcement has something to do with it? Hopefully I'll get the money soon. I will never step foot in their stores again though, their prices are ridiculous. I think I paid $130 for the 50 1.8!!

You really need to check your local consumer laws......here in wichita and I figure all of KS.....if you pay in cash you are entitled to a cash refund no matter what the chains rules on the matter are.........I purchased over $300 from Best B and returned the item to which I was told a 6-10wk wait for corporate check......it took 3 hours and I walked out with cash in hand......it did take having to call the DA consumer fraud office, but before that call was completed the home office called and said to issue cash..............I have no tolerance for someone trying to rip off my hard earned cash.

[clcoronios]

A great place to get your domain name...... GODADDY (http://www.godaddy.com/)

Get domain name, host site, host e-mail!! And GREAT customer service - albeit through a pay phone call.

Carol

[Pupator]

I purchased over $300 from Best B and returned the item to which I was told a 6-10wk wait for corporate check......it took 3 hours and I walked out with cash in hand......it did take having to call the DA consumer fraud office, but before that call was completed the home office called and said to issue cash..............I have no tolerance for someone trying to rip off my hard earned cash.


You know that policy isn't in place to "rip off [your] hard earned cash." It's in place because Best Buy could not possibly be expected to keep enough cash on hand to provide cash returns for every customer with an eligible return. Sure yours was just over $300 (which is the cutoff point), but what about the guy who bought the plasma TV last week with cash? Should they keep $1850 in cash on hand in case he comes back in the next 30 days to return it?

The policy of giving cash returns >$300 via check is posted in giant print on the walls of every Best Buy and was clearly printed on the back of your receipt. I'm glad that they were able to accommodate your request that they break their policy but it's pretty lame of you to accuse them of trying to rip you off after they did so.


Back to the OP's point - it'll be a while before Ritz figures out if it can survive. Their prices are always (almost) so much higher than sites like Amazon and even the other big box retailers, I've had a hard time seeing how they made it this long. Every time I've gone the employees have been helpful and friendly, but that only goes so far when we're talking about prices on big ticket items. I also got some prints done there a couple times and they were good (better than all the other local options) but so expensive!

[Art Scott]

You know that policy isn't in place to "rip off [your] hard earned cash." It's in place because Best Buy could not possibly be expected to keep enough cash on hand to provide cash returns for every customer with an eligible return. Sure yours was just over $300 (which is the cutoff point), but what about the guy who bought the plasma TV last week with cash? Should they keep $1850 in cash on hand in case he comes back in the next 30 days to return it?

The policy of giving cash returns >$300 via check is posted in giant print on the walls of every Best Buy and was clearly printed on the back of your receipt. I'm glad that they were able to accommodate your request that they break their policy but it's pretty lame of you to accuse them of trying to rip you off after they did so.


Back to the OP's point - it'll be a while before Ritz figures out if it can survive. Their prices are always (almost) so much higher than sites like Amazon and even the other big box retailers, I've had a hard time seeing how they made it this long. Every time I've gone the employees have been helpful and friendly, but that only goes so far when we're talking about prices on big ticket items. I also got some prints done there a couple times and they were good (better than all the other local options) but so expensive!

I could care less if my purchase was $10 or 50K.....the consumer law at the time was if paid for in cash then a cash refund will be issued.......and my point to the OP was simple......know your local consumer laws........having to wait 6-10 weeks to me is a rip off and that is my opinon and I will not change it.....sorry if you ahve a prob with it and if you want the reason for my feelings then PM me.

[clcoronios]

Sounds a bit like Pupator may have a dog in this ring. And his (her?) point is valid, from the store's point of view. A worst case scenario could be ten people returning $3000 wide-screen units on the same day - all paid for in cash. Not likely, but .... The store could only HOPE that none of them would know that the state law requires cash return for cash pay. However, I BELIEVE (not an attorney) that state law would supercede store policy.

Similarly, many riding (lesson or rental) stables have posted signs that they are not responsible for injuries sustained while riding/handling their horses (or while on their property). This is worth about as much as the paper and ink. UNLESS - the state has seen fit to pass a "reasonable risk" law (which NYS has NOT).

Carol

[Pupator]

Sounds a bit like Pupator may have a dog in this ring. And his (her?) point is valid, from the store's point of view. A worst case scenario could be ten people returning $3000 wide-screen units on the same day - all paid for in cash. Not likely, but .... The store could only HOPE that none of them would know that the state law requires cash return for cash pay. However, I BELIEVE (not an attorney) that state law would supercede store policy.

Similarly, many riding (lesson or rental) stables have posted signs that they are not responsible for injuries sustained while riding/handling their horses (or while on their property). This is worth about as much as the paper and ink. UNLESS - the state has seen fit to pass a "reasonable risk" law (which NYS has NOT).

Carol

Hello :wave I'm a he :)

Nope, no dog in this fight. I'm just not a big fan of anti-corporation or anti-store speech that is inaccurate. Art stated that a store was trying to "rip him off." They weren't, and I thought with a reasoned argument he would agree. He didn't.

Of course you are correct that state law is more important than store policy. Sometimes though, being reasonable can go a long way. If I bought $40,000 worth of goods from Walmart in cash and tried to return them the next day, it really doesn't matter what the law is - it's reasonable to expect that they'll have a hard time giving me a cash refund on the spot. I'm not saying stores should be allowed to make up crazy policies that allow them to break the law. I'm saying that a reasonable person could interpret Best Buy's policy as necessary rather than accusing them of trying to "rip off their money." You can say that we're talking about $300 and not $40,000, but they have to draw the line somewhere and no matter where they do the guy with the return $1 more than that will be mad! :rofl

I fear we've gone far OT. Art and I agree to disagree, I'm sure. He's a long time, valuable member of this community and I'm not suggesting that this is anything more than two people disagreeing over how to interpret a particular situation.

[jdryan3]

http://www.reuters.com/article/marketsNews/idUSN2332434320090223

Looks like Nikon and Canon got stuck for a fair amount.
Z

Well it seems they got some DIP, but the article (http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ajH_4din7HNU) is interesting on 2 other points:

They seemed to be negatively impacted by consumers move to digital (less printing). Hello, Kodak? Anyone there? :scratch
It appears they own Boater's World Marine Centers. High $$ Oil = Low, Low Boat Sales. Wow, who knew!Well see. GE was almost out of the DIP thing, so most companies were only doing 11 on the way to 7. But GE thinks it will do $2B in DIP this year.

[clcoronios]

No argument here on anything you said, MR. Pup...:giggle

And I'm all for agreeing to disagree in a civilized manner. Not finding fault - or picking an argument - with either.

C

[mrt10x]

What about the US Government bailout of three insolvent car manufacturers unable to compete with the rest of the world in the 21st century - isn't that a third type? :scratch

As opposed to all those great cars being manufactured in New Zealand?

[Milan]

I will never step foot in their stores again though, their prices are ridiculous.

That's exactly what I said to myself after seeing their prices too. Although I would later visit their local store, I have never bought anything there.

[Frasca]

I was in a Ritz Camera last week and asked the manager whether they where closing up or anything and he said they where gonna shut down Boaters World but Ritz Camera will stay open. Good news,:clap not for boaters tho.

[ziggy53]

As opposed to all those great cars being manufactured in New Zealand?

Mrt10x, welcome to the Digital Grin. :clap

[mrt10x]

Mrt10x, welcome to the Digital Grin. :clap

Yeah.. sorry for the snotty 1st post :wink found this place through the Advrider forum.. I would bet a photography forum should be more civilized than a bunch of guys on motorcycles.

[sskinner]

I can't believe they haven't gone out of business before this point. They never have anything I need and their prices are ridiculous.

[ziggy53]

I can't believe they haven't gone out of business before this point. They never have anything I need and their prices are ridiculous.

Sskinner, welcome to the Digital Grin. :clap

Yes, it would seem that the Ritz Camera (and similar) business model is beyond its prime.

[catspaw]

I can't believe they haven't gone out of business before this point. They never have anything I need and their prices are ridiculous.

For the uninformed, it's definitely a better business than going to Best Buy for your camera, even if price wise it isn't as good. I bought my first two cameras through a local Ritz franchise, but I also think as a camera store they were pretty good - the Ritz portion just helped them out. There's an Inkleys/Ritz down the street that I use printing services for and they are good -- when they mark stuff 50% off because they never sell much :)

[CandidPrints]

I have found that the Ritz stores are very inconsistent. I have been in a few that had a wonderful selection and extremely knowledgeable employees (Irvine) and other Ritz stores with no selection and staffed with absolute idiots.


For the uninformed, it's definitely a better business than going to Best Buy for your camera, even if price wise it isn't as good. I bought my first two cameras through a local Ritz franchise, but I also think as a camera store they were pretty good - the Ritz portion just helped them out. There's an Inkleys/Ritz down the street that I use printing services for and they are good -- when they mark stuff 50% off because they never sell much :)

[davidweaver]

RitzCamera.com and their other interactive sites are a separate company.

The original Reuters story:
Ritz Camera Centers Inc, which said it is the largest U.S. specialty camera and imaging chain, on Monday filed for Chapter 11 bankruptcy protection, hurt by the recession and consumers' shift to digital photography.
From the RitzCamera website:
Ritz Interactive is a network of e-commerce websites. Led by its flagship sites RitzCamera.com, WolfCamera.com and Boatersworld.com, Ritz Interactive represents a diverse group of properties in different stages of growth. Each site, branded and marketed individually, is dedicated to bringing unique product offerings to the e-tailing shopper. Ritz Interactive and Ritz Camera Centers are separate companies.

I'm sure my local camera store, Precision Camera, is happy to get the business here.

<mba_hat>
Ritz retail stores are done. The liquidation of the boating stores will be used to partially pay some creditors. I'm guessing that there is far more dollars-of-stuff in the boating stores than the camera stores too. It also makes sense to reorganize to a core competency, but the market never looks well on bankrupt/reorganization companies and it is likely the Ritz's retail locations will all fold during the reorganization process. Why? Take a look at what they owe. Suppose that 25% (very generous) of that is cleared by liquidating the boat locations then take the balance and divide it by 800 to get an idea of what per store contribution to that debt looks like. Then add in the per-store breakeven revenue needed. That's a lot.
</mba_hat>

[Kilo]

I go to the local WolfCamera to see the new gadgets in hands and up close. Guess Wolf will be gone as well. Now there's only one store left and it is not close to my house. Oh well, guess I'll wait for a new near-by camera store to open someday.:rolleyes