electronics: July 2009 Archives

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.