Ritz Interactive, the parent company of RitzCamera.com, WolfCamera.com and CameraWorld.com (among others), has filed Chapter 11 bankruptcy.
The brick and mortar brand of Ritz Camera Centers, Inc., which also operates Wolf Camera stores, filed Chapter 11 bankruptcy in 2009. Ritz Camera Centers, Inc. appears to have come out on the other side, albeit a bit leaner in terms of its locations and now known as Ritz Camera & Image, LLC. It’s important to note that these are separate entities – the online and brick and mortar stores.
That said, Ritz Interactive is in it rather deep at the moment and may have trouble meeting payroll and inventory expenses if the bankruptcy court does not help it out with its creditors by the end of this week. Ritz Interactive listed assets of $809,192 and liabilities of about $7.2 million in its bankruptcy filings.
While Chapter 11 bankruptcy is a reorganization process, it looks like Ritz Interactive may need some rather big crutches to lean on and come out of this alive.
As recent as 2009, Ritz Interactive was listed on Internet Retailer’s 2009 Hot 100 Best Retail Web Sites. Currently, the company remains No. 171 on Internet Retailer’s Top 500 Guide.
[via Internet Retailer]