The largest dedicated camera retailer in the US has filed for Chapter 11 bankruptcy protection. RITZ CAMERA has more than 800 stores in the US, the company has proposed a restructuring plan that would allow the stores,or at least some of the stores to remain open.
In an affidavit to the court Marc Weinsweig, appointed as Chief Restructuring Office and COO as part of the Chapter 11 process, describes his actions as be aimed at ‘maintaining the day-to-day operations of the company’s business with minimal disruption’ in what he characterizes as ‘daunting economic times.’
This is a huge blow to Nikon and Canon who are owed over $40 MILLION.
the $26.6 million owed to Nikon Inc. into perspective, it would represent somewhere in the region of 20% of Nikon Inc’s expected annual operating income.
RItz bankruptcy story here