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Ritz Camera bankrupt, some stores closing

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Friday, June 22, 2012, 6:52 p.m.
 

Ritz Camera & Image LLC filed for Chapter 11 bankruptcy protection from creditors on Friday, saying it will close underperforming stores.

A worker who answered the phone at the Westmoreland Mall store said it closed yesterday, but Ritz's website still lists stores at South Hills Village, Monroeville Mall, Waterworks Mall and the Northway shops in the Pittsburgh region.

Yesterday's bankruptcy filing by the Beltsville, Md.-based camera retailer was its second in three years.

The 94-year-old retailer listed debt and assets of at least $50 million each in court papers filed in federal court in Wilmington, Del.

The company, with sales of $254 million in the 12 months before April 30, said it wasn't making enough money to justify keeping open all its 265 stores.

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