Ritz Camera Centers Inc., a 91 year old company that is one of the largest stores in America has filed Chapter 11 due to the worsening economic crisis the world is experiencing today. Ritz also operates 800 stores in 40 states under the names Ritz Camera, Wolf Camera, Kits Cameras, Inkley’s and The Camera Shops.

The Maryland-based company also suffered severe losses with a subsidiary launched in 1987 called Boater’s World, a boating-and-fishing supply retailer.

With the rise of digital photography, Ritz’s profits from photofinishing have taken a nosedive. Also, the company’s retail sales were sharply down over the holidays, officials said.

(Source) Hispanic Business

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