Recently in electronics Category

All 152 locations of InkStop closed Thursday night without notice. The closings are being called "temporary" and information about a restructuring is pending.

An internal memo from the board of directors reads, in part, "The company has elected to temporarily close all stores at the close of business today October 1, to focus on a restructuring plan in an effort to improve the overall operations of the organization. All employees are laid off until further notice."

Employees, who have gone without benefits for the past few weeks, were not informed in advance.

Joystiq is reporting video game retailer Game Crazy is closing 200 of its 680 stores. Game Crazy, a unit of Hollywood Entertainment and Movie Gallery Inc. (which also owns Hollywood Video), is citing the economy as the culprit. Specific store closings have not yet been identified.

Ritz Camera, which filed for bankruptcy in February, has been purchased by CEO David Ritz. The company put its remaining assets up for auction two weeks ago, and Ritz submitted the highest bid for his firm. The winning bid was confirmed for Timely Demise by representatives within the company.

After the sale, the company will be renamed Ritz Camera & Image, and its core business strategy will stay focused on photographic services. Subbrands like Wolf and Kits will continue to operate. No word is available yet on how many locations will be open after the restructuring is complete.

Bankruptcy court is to review the purchase Friday morning.

Microsoft, having tired of Apple's standalone successes with its standalone stores, is opening numerous retail locations in time for the 2009 holiday season. Recession notwithstanding, Microsoft wants to make a splash at the consumer level when it releases Windows 7 in October. The company is also shooting to have the stores open for the holiday season, although Timely Demise wonders how many people want a new OS for Christmas. Microsoft is adopting the time-honored tactic of opening stores right near its main competitor.

Ritz Camera's 400 remaining locations are going up for auction following an unsuccessful bankruptcy reorganization. The chain, which filed for Chapter 11 bankruptcy protection in February, closed half its stores but has run out of cash for continuing operations.

As of now, there are no strong indicators whether a buyer will take over some or all of the locations, although Ritz hopes that is the case. If not, inventory and stores will be liquidated following the auctions, which are to be held later in July.

You may not have expected to see the recession come to Reno and Vegas, and yet! Herbst Gaming will lose control of its 15 casinos in Nevada, Iowa and Missouri in its new bankruptcy filing; the company blames its expensive expansion in the Nevada market in 2007. And extremely troubled Progressive Gaming, which at one time provided gaming systems for casinos, filed for liquidation this week.

The 129 Boater's World stores in 27 U.S. states are being shuttered. Parent company Ritz Camera Centers Inc. (who knew?) filed for bankruptcy protection last month, and is attempting to raise cash by liquidating the boat stores' inventory. The company will also close 400 of its 800 camera stores.

The failure of a large chain like Circuit City means a competitive segment has an opening to be filled. After all, Best Buy can't be the only option for electronics retailing forever.

And so the market will slowly see companies begin to fill that void, starting in Connecticut, where PC. Richard & Son is expanding, opening a store in Norwalk. P.C. Richard is a 100-year old company that has grown slowly and locally in the New York metropolitan area. Now with 52 stores, it has the mass to continue its expansion into places where competition is light.

Expect to see more reports like this as the economy settles down and smaller companies decide to challenge the remaining national brands.

Virgin Megastore, the large music and media center that anchors large metropolitan areas, is pulling back. Virgin announced the closing of its Union Square stores in both New York and San Francisco this week, not long after deciding to leave Times Square in New York City.

Virgin Entertainment was bought by two real estate companies in 2007, so the moves are not just retail-driven. The rent for incoming Forever 21 in Times Square will be much higher than Virgin has paid since its 1990s opening. Indeed, this was part of the rationale behind the purchase--good for Related and Vornado, the current owners, if not for the Virgin Megastore brand.

The fate of Virgin's three remaining megastores has not been announced.

Ritz Camera, the nation's largest camera and imaging chain, filed Chapter 11 bankruptcy due to the recession and digital photography trends. Ritz, which owns Wolf Camera and other sub-brands, had a difficult holiday season and increased pressure from creditors. The company hopes to keep operating during its restructuring.

Appliance Direct, a small chain in central Florida, is assuming control of Rex Stores. Rex, also an appliance seller with a presence in Florida, had been struggling and closing stores in recent months. Appliance Direct has taken over roughly half Rex's locations and is negotiating to acquire other stores and much of its inventory. When complete, the buyout will significantly increase Appliance Direct's regional footprint.

Video game maker Midway filed for bankruptcy to avoid a credit default. Midway is hoping the filing allows continuing operations. In December Midway's principal owner sold 87 percent of the company for $100,000 to help with debt restructuring.

Its stores are gone, but the licensing deal is complete. The Sharper Image brand transformation is underway. A consortium of private-equity firms is managing a transition intented to leverage the Sharper Image equity despite the failure of its retail business. The plan is to offer relatively affordable products at popular stores like Bed Bath & Beyond while maintaining the aspirational nature of the Sharper Image name.

Shaper Image, which closed its retail outlets in June, first sold its name to Homedics under the licensing agreement now underway.

Having failed to find a buyer, Circuit City is expected to announce its liquidation today in a court hearing. The company appears to have hired a liquidator and completed an asset auction. Circuit City has already closed around 20 percent of its stores as part of its previous bankruptcy filing.

No official announcement has been made by the company, but Rex is closing a good number of its store this winter, which is garnering attention in local markets. Stores in Pensacola and Tallahassee, Florida; Indiana, Pennsylvania; and Enid, Oklahoma are all entering liquidation sales. Rex was considering a retail restructuring last month but has not issued word on whether these store closings are part of a larger plan. The company sells synthetic fuels and ethanol in addition to operating its 100-plus-door retail electronics chain.

Update, January 13: The Rex in Albany is closing as well.